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Export earnings facilitate import licence application
11/12/2022
The Myawady Border Trade Zone under the Department of Trade notified that import licence application can be made as long as there are export earnings in the bank account of applicants, except for goods that are not allowed to be imported via the Myanmar-Thai land borders.
According to the Export/Import Bulletin 10/2022, export earnings and other incomes including salary and wage remittances of Myanmar nationals in other countries will be allowed to use in the importation of commodities.
Therefore, importers will have to use the proceeds to make payments for imports through their respective banks.
Among the land borders with neighbouring Thailand, the Myawady border trade zone, which imports most goods to the domestic market, made trading worth US$1,494.796 million in over eight months from 1 April to 2 December of this financial year, stated the Ministry of Commerce.
Among these, imports from Thailand were worth $978.878 million. The cross-border trade accumulated $1,654.481 million year on year with $938.591 million worth of imports from Thailand.
Therefore, there was a decrease of $199.972 million year on year while imports increased by $40.287 million, according to the Ministry of Commerce. — NN/CT