Myanmar imports over $849.97 mln worth of machinery, spare parts in 10 months

The import of Myanmar’s machinery and spare parts was worth over US$849.97 million in the last ten months (October-July) of the financial year 2020-2021, the Ministry of Commerce’s data indicated. Similarly, the country imported $609.42 million worth of vehicles and spare parts.

Imports of commercial vehicles and machinery were permitted through seaports and three land borders — Muse, Myawady, and Tachilek. The vehicle import permit applied to the individuals and the showrooms with the consignment system suspended starting from the last week of September 2021, according to the statement released by the Ministry of Commerce.

The import permit for CBU (Completely Build Up) vehicles can be applied for by 30 September 2021. Nevertheless, the authorities give the green light to the SKD vehicles (semi-knocked down) and CKD vehicles (completely knocked down) that were assembled locally. Importing the vehicles costs a lot owing to the Kyat depreciation, double shipping rate and price volatility with the tax in the previous months. At present, the automobile market for new vehicles and second-hand cars are leading to a downward trend during the financial hard times.

Source: The Global New Light of Myanmar

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