Myanmar’s apparel sector is on the right track to achieve its export target of US $ 10 billion.
This was recently confirmed by the Myanmar Garment Entrepreneurs Association (MGEA), which had set this goal under the Myanmar Garment Industry Strategic Plan 2014-2024.
Apart from meeting the export target of US $ 10 billion, the 10-year plan also aims to provide one million jobs.
The numbers do give MGEA the confidence that its Strategic Plan would be a success!
From a paltry US $ 800 million in 2015-16 to over US $ 4 billion in the current fiscal year is enough indication that country’s garment industry is heading towards right direction.
More on this, U Myint Soe, Chairman, Myanmar Garment Manufacturers Association, said “As the number of factories increased last year, export volumes too increased.”
Also, over 80 per cent of investments in the cut-make-pack (CMP) businesses in the country are from China – an effect of the ongoing trade war between economic giants.
The Ministry of Commerce added that the export volume for 2018-19 (till August) was US $ 4.37 billion, which is a US $ 1.17 billion increase from what it was during the same period in the previous fiscal (US $ 3.20 billion).
