Exports and imports sector : Bank transaction to be implemented on Myanmar-China border

According to an official of Ministry of Commerce, the payments for importation and exportation at the border through banking transaction was implemented as a first step in Myanmar-Thailand border trade on 1st November 2022.

As a second step, the banking transaction system will be implemented in Myanmar-China border trade on 1st August this year. It will be allowed to use from exports earning, other earnings and balance account (Yuan) obtained from the local banks for imports only via bank transactions.

Importers need to make the payments for import goods using these earnings via respective banks.

For the importation at the Myanmar-China border gates, companies need to applying to the Department of Trade for an import license must produce credit advice and original bank statements that prove the receipt of export earnings or other earnings into their bank account.

The Department of Trade will scrutinize the reported export earnings or other earnings and approve the import license for an amount not exceeding the bank balance. The applications for import license submitted before 30th of August 2023 are not eligible and importers need to imports goods with this license before 31st of august 2023.

In addition, only export earnings and other earnings arriving after 1st January 2023 will be eligible for consideration under these procedures.  Exporters that earn export earnings from Myanmar-China border trade can use the earnings to import goods themselves, across any border or transfer earnings to other companies to import, it’s reported.