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Myanmar 2020. Shutdown hit sales with April and May near zero

Myanmar Vehicles Industry is in huge difficulties after the prolonged shutdown which hit the vehicles distribution and both April and May sales near zero. Following the all-time record signed in the previous year, the 2020 will step back the market, one of the most interesting in South Asia.Economic EnvironmentMyanmar’s economy is currently reeling from the Covid-19 fallout. Manufacturing activity deteriorated at the fastest pace on record in April, as output, new orders and employment all sank at record rates, amid suspended business operations as a result of the pandemic. On the external front, agriculture exports are suffering from plummeting foreign demand, while the tourism sector is being rocked by the collapse in air travel. In response, on 27 April, the government launched an economic relief plan, which envisages a credit guarantee scheme, tax deferrals and incentives for foreign investors. Meanwhile, the World Bank announced a three-year partnership with Myanmar on 13 May, on the heels of an emergency USD 50 million loan delivered by the Bank in April to support the healthcare system. Market TrendMyanmar vehicles market is under the positive effect of the new import rules introduction aiming to penalize the import of obsolete pre-owned vehicles and to support local distribution, responsible to provide appropriate service and vehicles maintenance.The reduction of import fee on new vehicles and the barrier to extra ASEAN used vehicles import, gave more competitiveness to the new models and data on new vehicles registrations become almost positive, with the full year 2019 hitting a new all-time record at 19.136, up 3.1%.However, the start of 2020 was almost disappointing with first quarter sales down 35%, with January and February already heavily negative, before effects of covid 19.Than the prolonged shutdown hit the market both in April and May, with near zero registrations in the period.In June activities reopened but the speed of the recovery is a big question mark,with the risk of resurgent interests towards used vehicles, more affordable for people in great economic difficulties.Tables with sales figuresIn the tables below we report sales for top BrandsThis content is for members only. Visit the site and log in/register to read.

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The post Highlights from The Price of Tomorrow by Jeff Booth: “The only thing driving growth in the world today is easy credit, which is being created at a pace that is hard to comprehend.” appeared first on Celadon Saigon.