The Treasurer’s Guide to Trade Finance

Myanmar

Trade information

Key trading partners

Imports by origin

China 27.1%

Singapore 27.0%

Thailand 11.4%

South Korea 6.1%

Japan 5.3%

Other 23.1%

Source: WTO, September 2012

Exports by destination

Thailand 41.7%

Hong Kong 21.1%

India 12.6%

China 6.2%

Singapore 3.6%

Other 14.8%

Bank accounts

ƒ Resident companies cannot hold local

currency (MMK) bank accounts outside

Myanmar.

ƒ Resident companies who earn in foreign

exchange and national companies can hold

foreign currency bank accounts both within

and outside Myanmar, subject to approval.

ƒ Resident local currency accounts are

convertible into foreign currency for the

payment of official expenses, subject to

approval from the Myanmar Ministry of

Finance and Revenue (MFR)

(www.myanmar.com/finance/dept_cbm.html).

ƒ Non-residents are permitted to hold local

currency accounts domestically but all

credits and debits from these accounts are

subject to authorisation. Accounts can be

converted into foreign currency with approval

from the CBM.

ƒ Non-resident diplomatic mission and

international organisation personnel are

permitted to hold foreign currency accounts,

but only with the Myanmar Foreign Trade

Bank (www.myanmar.com/finance/dept_

mftb_01.html).

Myanmar imports exports

ƒ Non-residents cannot acquire commercial or

financial credits from residents in Myanmar.

ƒ Imports to Myanmar require 100 percent

advance payment through authorised

domestic banks.

ƒ The proceeds from exports are required to

be fully repatriated immediately upon receipt.

Export transactions must be carried out via

authorised domestic banks.

Principal exports

ƒ Natural gas, wood products, pulses, beans,

fish, rice, clothing, and jade and other gems.

Documentation

Imports

ƒ Bill of lading, packing list and an

authorisation letter.

Exports

ƒ Bill of lading, packing list and an

authorisation letter.

Licences

Imports

ƒ Goods imported into Myanmar require

an import licence from the Ministry of

Commerce (www.commerce.gov.mm).

Exports

ƒ Exports do not require licences.