Myanmar imports over $486 mln worth of machinery, spare parts in 7 months

 

24 JULY 2021

 

THE import value of Myanmar’s machinery and spare parts are estimated at US$486.5 million in the first five months (October-April) of the current financial year 2020-2021, the Ministry of Commerce’s data indicated.

 

Similarly, the country imported $513.7 million worth of vehicles and spare parts.

 

Imports of commercial vehicles and machinery have been permitted through seaports and three land borders — Muse, Myawady, and Tachilek.

 

“Starting from 1 January, imports of commercial vehicles on a company licence are not allowed. Importers are required to operate a car showroom in line with the prescribed rules and regulations. However, the new policy can pose difficulties for traders conducting business on a manageable scale,” said importers.

 

At present, the market for those vehicles which have been registered and second-hand cars are leading to a downward trend amid the financial hard times and the global pandemic.

 

Additionally, the importers are facing a hard time in the meantime. Importing the vehicles will cost a lot owing to the Kyat depreciation, double shipping rate and price volatility with tax. The prices of those cars are likely to rise 20 to 30 per cent depending on vehicle brand and specifications.

 

Under the 2021 vehicle import policy, 2019 will be the oldest model to be issued an import permit for private cars with non-commercial purposes, according to a press release of the Commerce Ministry.

 

Except for machinery, all import vehicles must be lefthand drive under the 2021 vehicle import policy.

 

When vehicles with engines under 1,350 CC are individually imported, the model year must be 2019 and later. Passengers’ vehicles such as mini-bus, city buses, express bus and commercial trucks were manufactured in 2017 and later can be imported.

 

Under FOC (Free-of- Charge) licence system, fire trucks, ambulances and hearse vehicles manufactured in 2012 or later are allowed for import.

 

Heavy equipment that cannot be driven on public roads: excavators, bulldozers, wheel loaders, vibratory roller, clamp loader, motor grader, road roller compactor, bridge crane, gantry crane, tower crane, pilling machine, crawler drill/crane, mobile crane, rough-terrain crane, forklift, boom lift and asphalt finisher are allowed to be brought into the country as long as they are 15 years old or less. — KH/ GNLM