Exports of finished industrial goods touched a high of US$8.76 billion between 1 October and 23 August in the current financial year, an increase of $1.6 billion compared with the corresponding period of the previous fiscal, according to the Ministry of Commerce.
As per figures provided by the Ministry, the exports of finished industrial goods totalled $7.15 billion during the same period in the 2017-2018FY.
Myanmar’s manufacturing sector is largely concentrated in garment and textiles produced on the cutting, making, and packaging basis, and it contributes to the country’s GDP to a certain extent.
The CMP industry has emerged as a very promising one in the export sector. The value of CMP exports was just $850 million in the 2015-2016 fiscal year, but it tripled within two years to reach $2.5 billion in the 2017-2018FY, as per figures provided during the Myanmar Global Investment Forum 2018, held on 12 September.
In the last mini-budget (April-September, 2018), exports of clothes made under the CMP system were valued at $2.27 billion.
Japan is the largest market for Myanmar apparel, followed by the European Union.
There are currently over 400 garment factories in Myanmar, which employ more than 300,000 workers. Investors prefer to invest in cheap-labour countries like Myanmar.—Mon Mon
(Translated by Ei Myat Mon)