The imports of raw materials by CMP (cut, make, pack) businesses were valued at US$476 million between 1 October and 13 December in the 2019-2020 financial year, an increase of $16.26 million compared with the year-ago period, according to the Ministry of Commerce.
As per figures provided by the ministry, the exports of finished industrial goods had touched a high of $459.95 million in the previous fiscal.
Myanmar’s manufacturing sector is largely concentrated in garments and textiles produced on the cutting, making, and packaging 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 FY 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.
During the mini-budget period (April-September, 2018), exports of clothes produced under the CMP system were valued at $2.27 billion.
As per figures provided by the ministry, the exports of finished industrial goods totaled $1.4 billion during the same period in the 2018-2019FY.
Japan is the largest market for Myanmar apparel, followed by the European Union.
There are currently over 400 garment factories in Myanmar, which employ more than 300,000 workers. Investors prefer to invest in cheap-labour countries like Myanmar.
— GNLM (Translated by Ei Myat Mon)
