Raw materials imported by cut-make-pack (CMP) industries in Myanmar reached $1.573 billion between October 1 and May 31 of fiscal 2018-2019—up $273.828 million over the figure during the same period in the previous fiscal, according to commerce ministry statistics. The garment, slipper and bag manufacturing industries are covered under the CMP system.
During the same period in the current fiscal, export earnings from the CMP garment sector hit over $2.496 billion, up $933.438 million compared to the figure during the same period in the previous fiscal.
The CMP garment sector has topped the list of export items, a newspaper in the country reported.
Under the CMP system, Myanmar gets about 10 per cent for sewing. The annual incomes of the CMP sector amount to around $300 million. The CMP sector’s incomes will increase to $3 billion if the country shifts from the CMP to the free-on-board (FOB) system, according to the Myanmar Garment Entrepreneurs Association.
In 2015, the export earnings from the garment sector in the country hit $1.46 billion, accounting for 10 per cent of the total export value. (DS)
Fibre2Fashion News Desk – India