Garment exports from Myanmar rise
Myanmar exported $1.86 billion worth of products from garment units operating under the cut-make-pack (CMP) system as of the first week of January in fiscal year 2017-2018, according to the commerce ministry. The figure is $568 million higher than exports for the same period in the last fiscal. The industry has been based on the CMP system for over 20 years.
Efforts to shift more toward the higher value-added “free-on-board” (FOB) approach have not met with much success. The country has over 400 garment factories and in 2016 employed 3500,000 workers. Japan, South Korea and the European Union import garments from Myanmar.
With garment exports as its top priority, the ministry is working with the Myanmar Garment Entrepreneurs’ Association to set a 10-year strategy to promote the sector and increase exports, a Myanmrese newspaper quoted deputy minister for commerce Aung Htoo as saying.
Exports trebled between 2010 and 2014, reaching nearly $1 billion. Garment exports totalled $1.46 billion in 2015, accounting for about 10 per cent of all exports. Garment exports to the EU market had increased by 80 per cent. (DS)
Source From: Fiber2Fashion.com