September 23, 2017

Myanmar earns over $1.6 billion from CMP garment exports

The permitted investment by Myanmar Investment Commission mostly flows into the garment sector.
Photo: Aye Min Soe

THE total value of cutting, making and packaging (CMP) garment exports reached over US$1.6 billion during this fiscal year, an increase of almost one billion when compared to the same period of last FY, according to the Ministry of Commerce.
Over the past 11 months of this FY, Myanmar earned a total of $1.649 billion from the garment sector. Last fiscal year, the country earned only $694 million from its CMP garment exports.
The permitted investments by Myanmar Investment Commission (MIC) in this fiscal year mostly flowed into the garment manufacturing sector. The ministry predicts that the CMP garment industry in Myanmar is expected to earn about $1.855 billion in the ongoing financial year 2016-2017.
Myanmar’s CMP garment industry includes the manufacturing of shoes, garment and bags. The country exports ts CMP products mainly to Japan, followed by some European countries, South Korea, the U.S and China. According to the government data, roughly 65 per cent of the total investment companies in the sector are from China. The CMP system has been practiced over the last 20 years in Myanmar, with authorities planning to export garments through the Free on Board (FOB) system in the future.—Shwe Khine

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