Agricultural machinery exempt from applying for import licence

Starting from 1 September 2022, the items related to agricultural machinery included in the HS code lines declared by the Ministry of Commerce are exempted from obtaining an import licence, according to the notification released by the Trade Department under the MoC on 31 August.
In a bid to support the country’s agricultural development and facilitate the imports of agricultural machinery, 70 HS lines concerning the agricultural machinery and equipment were eased from licence requirements from 1 September.
Those items can be imported in line with the regulations of the respective departments. At present, Kyat is depreciating against foreign currencies in the local forex market.
The foreign exchange rate stood at K110 for a Thai Baht, K560 for a Chinese Yuan and K4,000 for a dollar.
Consequently, imports nearly came to a halt due to the Kyat devaluation, importers stressed.
Among the import items, the price of agricultural inputs such as fertilizers is soaring. Additionally, the price of fuel oil used in agricultural machinery is rocketing as well. — NN/GNLM