Not very long ago, during 2015-2016 fiscal year, the value of cutting, making and packaging (CMP) exports in Myanmar was mere US $ 850 million.
And, it took just 2 years for the numbers to go up 3 times. The figure that was provided during Myanmar Global Investment Forum 2018 late last year was an exceptional US $ 2.5 billion for the 2017-2018 fiscal year – Now that’s a 3-fold jump!
The latest numbers (for 6 months) show further rise! The export of apparels made under CMP system for the April-September 2018 period valued at US $ 2.27 billion.
What’s striking is that in the current financial year, the export of finished industrial goods has clocked US $ 8.7 billion between 1 October and 23 August, which is a jump of US $ 1.6 billion from what it was during the same period of previous fiscal year.
This was confirmed in the report released recently by the Ministry of Commerce.
Amidst all political and economic instabilities and other challenges like weak banking system, investors continue to come to Myanmar majorly owing to the cheap cost of labour available in the country.