CMP garment exports fetch nearly $2 bln in Oct-March
News Type: Marketing News
The exports of garments made under the CMP (cut, make, and pack) system touched nearly US$2 billion between 1 October, 2018 and 1 March, 2019, an increase of $880 million compared with the same period in the previous fiscal, according to the Commerce Ministry.
Myanmar’s manufacturing sector is largely concentrated in CMP garments and textiles, which contribute to the country’s GDP to a certain extent.
The garment sector is one of the prioritized sectors that drives exports. The CMP garment industry has emerged as a very promising one, enjoying preferential trade with western countries. The majority of Myanmar’s garment factories operate under the CMP system, and those engaged in the industry are striving to transform CMP into a free on board (FoB) system, according to the Myanmar Garment Manufacturers Association.
The value of CMP garment exports was only $850 million in the 2015-2016 Financial Year. Over the next two FYs, CMP exports tripled in value. In the 2016-2017FY, CMP exports fetched about $2 billion. The earnings increased to around $2.5 billion in the 2017-2018FY. In the last six-month mini-budget (April-September 2018), CMP exports were valued at $2.2 billion, according to data from the Ministry of Commerce.
Myanmar primarily exports CMP garments to Japan and European markets. It also ships CMP garments to markets in the Republic of Korea, China, and the US. Due to growing demand from foreign trade partners, imports of CMP raw materials are rising year by year.
There are over 400 garment factories in Myanmar. Myanmar’s inexpensive labour attracts investments from foreign manufacturers into the country. — Ko Khant
(Translated by Ei Myat Mon)
Source From：Global New Light Of Myanmar
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