13 January
Imports of raw materials by CMP businesses have been valued at US$608.9 million for the three months since October in the 2019-2020 fiscal year, an increase of $49.49 million compared with the year-ago period, according to the Ministry of Commerce.
Meanwhile, the exports of finished industrial goods touched a high of $2.6 billion between 1 October and 3 January in the current fiscal, an increase of $588.6 million compared with the corresponding period of the 2018-2019 financial year, according to the ministry. Myanmar’s manufacturing sector is largely concentrated in garment and textiles produced on the cutting, making, and packaging (CMP) basis, and it contributes to the country’s GDP to a certain extent.
The CMP industry has emerged as a very promising one in the export sector. The value of CMP exports was just $850 million in the 2015-2016 fiscal year, but it tripled within two years to reach $2.5 billion in the 2017-2018FY, as per figures provided during the Myanmar Global Investment Forum 2018, held on 12 September. In the first month of the current financial year, exports of clothes produced under the CMP system topped $320 million.
Japan is the largest market for Myanmar apparel, followed by the European Union. The Myanmar Garment Manufacturers Association has more than 500 members, and garment factories in Myanmar employ more than 500,000 workers. Investors prefer to invest in cheap-labor countries like Myanmar.—GNLM (Translated by EMM)
