Myanmar’s garment export this FY

Myanmar: According to the Myanmar’s Ministry of Commerce, Myanmar expects that garment exports from the country shall witness an increase of 85% compared to last year. By the end of this fiscal in March, garment exports may reach US $ 1.855 billion compared to US $ 1 billion last FY (registering a whopping 145% increase compared to financial year 2014-15). The apparel industry of Myanmar, known for its cut-make-pack (CMP) systems or contracts, seems well on its way of achieving its target of US $ 4 billion by the year 2020.

The Myanmar Garment Manufacturers Association (MGMA) disclosed that around 33% of the country’s CMP products are exported to Japan; 25% each to the EU and South Korea, and 2.4% each to the US and China. The country’s apparel industry consists of 400 garment factories employing around 400,000 workers.