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Garment exports witness sliding trend
12
Jan '10
This year, garment manufacturers of Myanmar are struggling to attain last year's exports value of US $385 million, owing to the continuing effects of sanctions and global recession.

Garment exports from the country to Europe have witnessed steep fall since 2004, the year when it attained heights, though demands from Japan and Korea have helped to make up the difference.

In spite of all the difficulties, garment industry of the country looks forward to export garment items of around $300 million, this year. 60 percent of these exports are meant for European countries and rest for the countries such as Japan, Korea and other customers.

Last year, $210 million out of $385 million worth of exported garments had been shipped to Europe, which is less than half of $457 million, the peak value of garments that were exported to Europe in 2004.

Over the past three years, garment exports of the country to Japan increased over two times, from more than $90 million in 2005 to $189.3 million in 2008, as per the statistics of the World Trade Atlas of Japan.

Moreover, two Japanese-owned garment factories sent applications to the Myanmar Investment Commission (MIC) for a license to start operations in Myanmar.

As per experts, local garment manufacturers of Myanmar find it difficult to make their way into the Japanese market as most of the garment products made in the country for Japan is produced by Japanese-owned factories to ensure the required quality. Japanese market is stable and good in long run although it is not profitable, added experts.

There are around 160 garment factories in the country, owned mostly by the local investors, creating jobs for more than 65,000 people.

Fibre2fashion News Desk - India

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