CMP garment exports fetch $1.8bn for Myanmar in FY17
The cutting, making and packaging (CMP) garment industry in Myanmar earn about $1.836 billion in financial year 2016-17 that ended this March, according to the ministry of commerce. Myanmar exports around 33 per cent of its CMP products to Japan, followed by 25 per cent to EU. It also supplies clothing items to South Korea, US and Chinese markets.
The CMP garment industry, which includes manufacturing of shoes, garment and bags, contributed 16 per cent to total export earnings of Myanmar during the year. Last fiscal, Myanmar had earned $627 million from its CMP garment exports.
The garment industry in Myanmar employs more than 300,000 persons. It has set an ambitious export revenue target of $12 billion and creating around 1.5 million new jobs by 2020, according to the Myanmar Garment Entrepreneurs Association.
Sweden’s H&M and America’s Gap are among the major foreign companies that have invested in garment manufacturing in Myanmar. (RKS)
Source: Fibre2Fashion News Desk – India