Myanmar has noted an increase of almost one billion in its earning from cutting, making and packaging (CMP) garment exports. This fiscal year Myanmar’s CMP garment exports reached over US $ 1.6 billion from US $ 694 million last financial year. This was stated by the Ministry of Commerce.
The garment manufacturing sector which noted most of its permitted investments by Myanmar Investment Commission (MIC) in this fiscal year is expected to earn about US $ 1.855 billion in the ongoing financial year 2016-2017.
Myanmar’s CMP garment industry includes the manufacturing of shoes, garment and bags. The country exports its CMP products mainly to Japan, followed by some European countries, South Korea, the U.S and China.
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China shares majority of the investment (around 65 per cent) in garment sector in Myanmar. The CMP system has been practiced over the last 20 years in Myanmar, with authorities planning to export garments through the Free on Board (FOB) system in the future.
