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Clothing Exports Set to Reach $3bn

Export earnings from cutting, making and packaging clothing manufacturing is expected to reach up to US$3 billion this year, said Soe Myint, the chair of the Myanmar Garment Entrepreneurs’ Association.

“In the past, Japan was the biggest market but it has been overtaken by the European Union. Every month, four to six companies invest in the garment industry. The massive inflow of investment is coupled with high orders,” he added.

The Myanmar Investment Commission had approved numerous applications, according to the Directorate of Investment and Company Administration.

Sector insiders say document processing, customs and licences ran smoother than before.

Last year, the export earnings amounted to US$2.2 billion, exceeding estimates of US$2 billion.

During the first three months of this fiscal year, export earnings from the sector generated nearly US$493.5 million, up US$288.5 million from the same period last year, according to the Commerce Ministry.

Agricultural goods account for 27 per cent of the exports; natural gas for 23 per cent; clothing for 16 per cent, mining products for 8 per cent and marine products 4 per cent.

 

Source: Eleven Myanmar

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