August 14, 2017

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Myanmar CMP garment exports to touch $1.8 billion in financial year 2017

A file shows an employee works at a garment factory in Hlaingthaya, Yangon.

The cutting, making and packaging (CMP) garment industry in Myanmar is expected to earn about $1.855 billion in the ongoing financial year 2016-17 that ends this March, according to the ministry of commerce. Myanmar exports around 33 per cent of its CMP products to Japan, 25 per cent each to EU and South Korea, and 2.4 per cent each to the US and China.
Last fiscal, Myanmar earned $627 million from its CMP garment exports, and this fiscal its earnings has already crossed $1.4 billion, Myanmar media said quoting permanent secretary of the commerce ministry, Khin Maung Lwin. Myanmar’s CMP garment industry includes the manufacturing of shoes, garment and bags. The CMP system is being practiced since last 20 years in the country.
though there are over 100 garment factories in Myanmar employing about 400,000 workers, these units are yet to adopt complete manufacturing from start to finish.

 

(RKS) Fibre2Fashion News Desk–India

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