Changes in car import policy contribute to drop in import value at Myawaddy

Pedestrians cross a road in central Yangon. Photo: Romeo Gacad/AFP

The import value of goods traded through the Myawaddy gate dropped by some US$50 million, a week prior to the end of the 2017-2018 fiscal year (FY), compared with the 2016-2017 FY, according to state media.

The changes in the car import policy in 2018 and a high tax rate have contributed to a steep drop in the import value at the Myawady gate. During the nearly two-month suspension of automobile trade, more than 2,000 vehicles were stranded at the Myawady gate. However, a high volume of fishery products are exported daily through the Myawady gate. Trade through the Myawady gate from 1 AprilĀ  2017 to 23

March 2018 in the 2017-2018 FY fetched $878 million, while the gate recorded trade worth some $907 million in the same period last FY, the report said.

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