Visits: 31
Myanmar exported US$4.28 billion worth of apparel under the cut-make-pack (CMP) system between October 1 and August 31 in fiscal 2019-20. According to data from Myanmar’s ministry of commerce. Amid the COVID-19 pandemic, some CMP garment factories have shut down due to the absence of raw materials, with thousands of garment workers jobless.
The CMP garment sector contributes 30% to Myanmar’s export sector, is facing a downward trend due to order cancellation from European countries and the suspension of trade by western countries amid the pandemic.
In recent years, the export value of CMP garments has tripled over the last two fiscals. It was only $850 million in fiscal 2015-16. In 2016-17, about $2 billion was earned from such exports.
The figure grew an estimated $2.5 billion in 2017-18Y and $2.2 billion in the 2018 mini-budget period (from April to September). It tremendously grew to $4.6 billion in fiscal 2018-2019, the ministry said.
