Myanmar exported garments worth $4.28 bn in Oct 1-Aug 31

Myanmar exported garments under the cut-make-pack (CMP) system worth $4.28 billion between October 1 and August 31 in fiscal 2019-20, according to data from the ministry of commerce. However, following the novel coronavirus pandemic, some CMP garment factories have shut down due to lack of raw materials, leaving thousands of workers unemployed.

Myanmar financial year from 1 October 2019 to 30 September 2020.

The export value of CMP garments was only $850 million in fiscal 2015-16, but has tripled over the last two fiscals. In 2016-17, about $2 billion was earned from such exports.

The figure increased to an estimated $2.5 billion in 2017-18Y and $2.2 billion in the 2018 mini-budget period (from April to September). It tremendously grew to $4.6 billion in the fiscal 2018-2019, the ministry said.

The CMP garment sector, which contributes 30 per cent to Myanmar’s export sector, is bracing for a downward trend owing to cancel of orders from European countries and suspension of trade by Western countries amid the pandemic, according to media reports in the country.

Source : Fibre2Fashion

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