Natural gas core of export activity,followed by garment sector

Natural gas comprises 45 per cent of the export sector, by far the biggest chunk of the market, it is learnt from an announcement released by the Customs Department.The second most exported category is the garment sector, at 17 per cent. The export of natural gas in the 2015-2016 fiscal year fetched over US$4.3billion, whereas […]

Commerce ministry allows re-export licensing for more commodities

The Ministry of Commerce will continue to issue licences for re-exporting because of the foreign market’s demand and the local production process. Over 20 categories of commodities are re-exported to other foreign countries after being locally reproduced at its origin. The main categories of re-export are sugar, fuel oil (diesel) and betel nut. Sugar exports […]

MCB hits upper limit on first day as YSX-listed firm

Trading on the Yangon Stock Exchange has tailed off in recent months, but Myanmar Citizens Bank’s (MCB) listing late last weekshowed there remains huge appetite for new sources of investment. Demand for shares in the lender – the first bank to list on the country’s new bourse – was around 10 times the volume offered. MCB […]

Aeon’s Myanmar bid highlights supermarket uncertainty

Japanese retail giant Aeon’s ambitions in Myanmar’s lucrative retail sector have highlighted uncertainty about what foreign firms are allowed to do as far as trading is concerned, with local industry heads calling for more clarity and a level playing field for domestic and international players. Aeon has provided most of the US$8.1 million in capital […]

Ministry relaxes import rules for over 250 items

The Ministry of Commerce has published a list of 267 items that can be imported from September without a licence, in the new government’s first step toward liberalising permit requirements. The move builds on liberalisation  by the last government, which had hoped to encourage trade by allowing some products to be sold into the country without […]

Myanmar building materials trade open to local-foreign joint ventures

The Ministry of Commerce has permitted local-foreign joint ventures to trade construction materials with the relaxation on trade restrictions for foreign companies announced recently. “Imported construction materials should meet standards set by the relevant department,” said the announcement. Local-foreign joint ventures need to submit their bank statements when applying for a license and they must […]

Commerce ministry to tackle container crisis and trade delays

Government departments need to negotiate to solve logistics problems at Yangon Port as soon as possible, while a Trade Facilitation Committee – set up under the previous government – will be fully implemented as part of an effort to boost exports, minister for Commerce U Than Myint told The Myanmar Times. The number of shipping […]

Companies begin to feel the heat as import costs climb

Myanmar’s plummeting currency has prompted a vicious circle of rising prices in the import-dependent economy, in which even export-driven companies face rising costs, say businesspeople. New laws and regulations are urgently needed to control the kyat, they said, which has fallen by more than 25 percent to the US dollar this year to K1300 yesterday, […]

20,000 car import licenses granted

Almost 20,000 individuals have been approved to import cars to Myanmar since the start of the year and over 9000 cars will be imported by companies or groups, according to documents seen by The Myanmar Times. An individual can apply for a car import licence by proving they have space to park it, under a […]

Mobile teams find illegal goods

The Ministry of Commerce’s mobile enforcement teams have discovered illegal items in 120 containers this month, as they investigated containers held in port for more than 60 days. Often, the illegal items were smuggled goods like reconditioned cars and roof tiles, hidden behind other products such as textiles and food. Ministry of Commerce director U […]