Burma - (Myanmar) Market Overview Burma - Market Overview
Myanmar or Burma – Which Name to Use?
Either name can be used to refer to the country, as the constitution does not mandate either name. However, the Government of Myanmar only uses Myanmar; that name is featured on all official government letters and documents.
U.S. – Myanmar Trade
The United States is the 6th largest source for imports for Myanmar. U.S – Myanmar trade has increased dramatically since 2012. The United States goods trade surplus, from as recently as 2015, has now turned into a sequence of deficit: $52 million in 2016, $155 million in 2017, $234 million in 2018.
2019: U.S. trade in goods with Myanmar
NOTE: All figures are in millions of U.S. dollars on a nominal basis, not seasonally adjusted unless otherwise specified. Details may not equal totals due to rounding. Table reflects only those months for which there was trade.
|TOTAL 2019 (YTD upto May)||127.1||280.9||-153.8|
Why Myanmar Now?
With a rich natural resources base, a population of 53 million, a young labor force and a prime geographic location with regional links to other member countries in the Association of South East Asian Nations (ASEAN) as well as China and India, Myanmar is the subject of great interest from the international business community. With the termination of U.S. economic sanctions in 2016 and new economic reforms coming on line, now could be the right time for U.S. firms to consider Myanmar as a potential market.
The World Bank projects economic growth will be 6.2 percent in FY 2018-2019 (a slight decrease in previous years’ projections). Myanmar’s economic policy continues to emphasize the following: new opportunities for private sector participation, boosting job creation, development of three special economic zones (SEZs) and promoting foreign investment by welcoming foreign companies into the country for fair market competition to speed up and sustain economic growth.
Great Interest in U.S. Products
Given Myanmar’s five decades of isolation, there is a need for a wide array of product and services across multiple sectors. U.S. products, brands and services are viewed favorably by Myanmar society and businesses. The Commercial Service Myanmar is regularly approached by local companies actively seeking U.S. suppliers in various sectors.
As ASEAN’s poorest country, the Myanmar market tends to get overlooked. While operating in Myanmar is challenging, one positive aspect is the market is not saturated. There is not always strong competition across sectors. Local knowledge and market positioning can be gained by early movers and can provide a significant competitive advantage.
Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.