Myanmarese garments exports may fetch $3 bn this fiscal
Export earnings from the garments sector in Myanmar are likely to exceed $3 billion this fiscal with the European Union topping the list for garment export orders, followed by Japan, South Korea and other countries, according to statistics compiled by the Myanmar Garment Entrepreneurs Association (MGEA). Garments constitute 16 per cent of its total exports.
Myanmar’s garment units operate on the cutting-making and packaging (CMP) system and are striving to transform into the free on board (FOB) system.
The government has also received several investment proposals in the garments sector, especially from China, according to a report in a Myanmarese newspaper.
Until mid-September of fiscal 2016-2017, the sector earned nearly $714.24 million, up nearly $336.42 million compared with the same period the previous fiscal.
Myanmar earned more than $1 billion from garment exports between April and early September this year, making apparel the second leading item in the export sector, according to the country’s commerce ministry. Garment exports were estimated to be worth $2 billion in fiscal 2016-17. (DS)
Source From: Fiber2Fashion.com