Myanmar’s exports up over $500 mln as of 5 June

Myanmar export sector largely relies on agricultural and manufacturing products.  PHOTO: PHOE KHWAR

By Nyein Nyein

Myanmar’s exports have witnessed an increase of over US$500 million as of 5 June in the current fiscal year2019-2020 compared with the year-ago period, according to the Trade Department under the Ministry of Commerce.
Myanmar’s exports between 1 October and 5 June in the current fiscal shot up to US$12.1 billion from $11.6 billion registered in the corresponding period of the previous fiscal, the figure reflects an increase of $503 million compared with the year-ago period, according to data from the Ministry of Commerce.
Similarly, the imports this year exceeded $13.73 billion, which rose from $12.34 billion registered in the same period of last year, showing an increase of $1.39 billion.
The Trade Department under the Ministry of Commerce has been granting reliefs to facilitate trade amid the pandemic period.
The Department issued $12.777 billion worth 7,433 import/export licences through online platform over the past two months, to ensure smooth trade.
The ministry launched the online licensing system for export and import businesses starting from 1 April, with a view to reduce the person-to-person contact and mitigate the spread of viral disease. This being so, under the new service, the process of licence applications, fee payment and receiving licences can be done online. The trade department offers an online system for over 700 export/import items.
Additionally, the MPU eCommerce pay started on 8 May. Following the coronavirus pandemic impacts, the validity of importer and exporter registration that will expire between 27 April and 30 July 2020 has been extended until 30 July, according to the notice of the Trade Department.
Moreover, the ministry has exempted licence fees on pharmaceuticals and medical raw materials.
Next, the licence fees collected as per the notice of the Ministry issued on 10 October 2019 were changed to K30,000 for each.
For the Customs clearance process, the time to send electronic data to the Myanmar Automated Cargo Clearance System (MACCS) of Customs Department was changed at 10 am from the previous timeline 12:30 pm. (Translated by Ei Myat Mon)

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