by Apparel Resources News-Desk
12-April-2019 | 1 min read
Myanmar’s exports of apparels made under the Cut, Make and Pack, better known as CMP, clocked almost US $ 2 billion for the period from 1 October 2018 to 1 March 2019.
While highlighting the export growth for the above period, the Commerce Ministry added that the CMP apparel exports saw an increase of US $ 880 million compared to what it was during the same period in the last fiscal year.
It is important to note here that CMP garment and textile industry constitutes a major portion of Myanmar’s manufacturing sector. Therefore, the industry also contributes significantly to country’s GDP.
The CMP garment industry has been strongly emerging as a very promising sector, enjoying preferential trade with several western countries. However, the Myanmar Garment Manufacturers Association has reportedly stated that the industry is now keen to transform majority of its CMP system to free on board (FoB).
In 2015-2016 financial year (FY), Myanmar’s CMP garment exports was US $ 850 million, while in 2016-2017 FY, it jumped to a whopping US $ 2 billion. It further rose to US $ 2.5 billion in the 2017-2018 FY.
With CMP exports increasing by three times in last 2 FYs, Myanmar’s growing stature as an apparel destination cannot be overlooked and the country is now attracting huge foreign investment mainly owing to its cheap labour.
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