Myanmar is expected to earn about US$ 1.855 billion from CMP (cutting, making and packaging) garment industry which includes the manufacturing of shoes, garment and bags, according to Ministry of Commerce.
Export earnings from the garment industry through CMP has more than doubled since last year, according to the Ministry.
“Myanmar has earned $1.4 billion for this year. Last year, we earned $627 million, so we earned $800 million more than last year,” said permanent secretary of the ministry, Khin Maung Lwin.
There are more than 100 garment factories across Myanmar with about 400,000 workers. The CMP system has been practiced for over 20 years, and FOB, or freight-on-board system in which the factories are solely responsible for producing the garments in their entirety and arranging for shipment has yet to be adopted.
The division of the country’s CMP garment export market shares is as follows: 33 per cent goes to Japan, 25 per cent to EU, especially Germany, 25 per cent to South Korea and 2.4 per cent each to the US and China.
Source: Eleven Myanmar