Importers must adhere to pre-established reference prices

Importers need to follow pre-established reference prices starting from 12 August 2024 when seeking import licences and processing customs declarations for imports, according to the Trade Department’s Notification 8/2024 released on 6 August.
The Committee on Customs Valuation, which consists of officials of the Myanmar Customs Department and Trade Department, analyzed and established import reference prices for 3,279 items (HS code 373 lines) with the aim of ensuring the right price for imported goods. Import prices will be analyzed and changed accordingly.
The value of Myanmar’s foreign trade totalled over US$8.3 billion over the past three and half months of the current financial year 2024-2025 beginning 1 April, comprising exports worth $4.4 billion and imports valued at $3.9 billion, the Ministry of Commerce’s data showed. Myanmar conducts international trade through maritime trade and border trade channels.
Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, intermediate goods, raw materials imported by the CMP enterprises and consumer goods. — NN/KK