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Myanmar exports CMP garment worth $3.6 bn in 10 months

06
Aug '20
Pic: Shutterstock
Pic: Shutterstock
Exports of garments in Myanmar under the cut-make-pack (CMP) system were worth $3.6 billion in the past ten months of fiscal 2019-2020, which ends on September 30, according to data from the ministry of commerce. The export figures reflect a decrease of $60 million compared to the same period in the last fiscal. The CMP garment sector contributes to over 20 per cent to exports.

Myanmar’s manufacturing sector is largely concentrated in CMP garments and textiles.

At present, some CMP garment factories have shut down due to lack of raw material, leaving thousands of workers unemployed.

The export value of CMP garments was only $850 million in fiscal 2015-2016, but it has tripled over the last two fiscals. In 2016-2017, about $2 billion was earned from such exports. The figure increased to an estimated $2.5 billion in 2017-2018 and $2.2 billion in the 2018 mini-budget period (from April to September).

It tremendously grew to $4.6 billion in 2018-2019, a Myanmarese newspaper reported citing commerce ministry data.

Fibre2Fashion News Desk (DS)


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