In a recent announcement, the Ministry of Commerce revealed significant changes to the validity of export licenses and permits.

According to the announcement, effective immediately, export licenses and permits will have a fixed validity period of two months. This means that exporters must complete their transactions within this timeframe.

In certain cases, a 14-day extension may be granted. This extension will be considered on an individual basis, provided that evidence of the goods to be exported is presented.

Previously, entrepreneurs had 7 days to amend their export/import licenses. Starting from March 1, 2024, this period has been extended to 14 days.

If an entrepreneur fails to resubmit necessary documents within the specified timeframe, their license will be automatically canceled by the system.

The Department of Trade will notify exporters and importers if their license application is turned down due to incomplete information. However, licenses that meet all requirements will be promptly granted.

Myanmar exports a diverse range of goods, including agricultural products, animal products, marine products, mineral products, forest products, and industrial goods.

The country mainly imports capital goods, raw materials, consumer goods, and CMP raw materials.

From April to March of the 2022-2023 fiscal year, Myanmar’s total trade volume reached US$33.925 billion, compared to $30.351 billion in the same period last year.

These regulatory changes aim to streamline trade processes and enhance transparency in Myanmar’s commerce sector. Exporters and importers should familiarize themselves with the new guidelines to ensure smooth transactions.