Myanmar's garment export reaches $4.3 bn in 11 months

17 Sep '19
1 min read
Pic: Shutterstock
Pic: Shutterstock

The value of Myanmar’s garment exports reached $ 4.3 billion in 11 months in this fiscal—up by $1.1 billion compared to the figure during the same period last fiscal, according to the commerce ministry. Myanmar’s financial year runs from October 1 to September 31 and it generates income from sewing charge, which ranges from 8 per cent to 12 per cent.

The garment export volume reached nearly $4.6 billion in 2018 and is expected to reach $10 billion in 2024, a Myanmarese newspaper quoted Khaing Khaing Nwe, secretary of Myanmar Garment Entrepreneurs Association (MGEA), as saying at the fifth annual meeting of the association on May 11 this year.

Foreign investment is flowing mostly in garment sector. There are more than 500 members in the MGEA and more than 500,000 employees. (DS)

Fibre2Fashion News Desk – India

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