TODAY

Container inflow to Yangon ports rises by 20 per cent

YEARLY container inflow to Yangon ports through normal trade rose by 20 per cent over the past four years, it is learnt from the Myanma Port Authority.

Over 1,000 container ships arrived in Yangon ports in the 2006-2007 fiscal year. During the last fiscal year of 2015-2016 over 2,300 foreign container ships entered Yangon ports whereas there were over 300 container ships as of May in this fiscal year of 2016-2017, it is learnt.

The containers are mostly from Singapore and Malaysia. If the handling of containers is not finished in the daytime, it is continued during the evening with the aim of facilitating trade. The 24-hour service is convenient, but it is hard to find places to store empty containers, causing port traffic. After this problem is sorted out, the exporting is expected to run more smoothly, said U Min Maw Thant, an exporter.

The Yangon port is faced with a struggle to handle the containers arriving at the port when the owner of the goods fails to withdraw their goods in a timely manner. To prevent the ports from being used as go downs, the authorities increased the fines for those who fail to remove their goods on time. This is an attempt for the ports to be able to move cargo quickly and decrease backlogs.

Ref: GNLM, 23 August 2016

Jade and jewelry exports fetch over US$57million in four months

THE exports of jade and jewelry in four months of this fiscal year (FY) fetched over US$57million in four months of this fiscal year, it is learnt from the Ministry of Commerce.

The export of raw jade from 1^st April to 31^st July in this FY amounted to US$53.016million,with an export volume of 475.096 tonnes. Jade jewelry worth US$4.047million was also exported. However, the export value of jade and jewelry in this four months of this FY is lower than that of a similar period last year, it is learnt.

During the previous fiscal year, raw jade worth US$305.779million and jewelry worth US$15.514million were exported to China via the Muse border trade camp.

There is a 10 per cent tax levied on finished jewelry products, depending on volume and weight. The special goods tax at 5 per cent and Income tax at 2 per cent is also collected. A 1 per cent service charges is also collected .

Ref: GNLM, 23 August 2016