CMP garment sector may fetch $3bln this year

Export earnings from the CMP (cutting, making and packaging) garment sector are expected to exceed US$3 billion (4.1 trillion kyat) this year, according to the Myanmar Garment Entrepreneurs Association(MGEA).

MGEA chair Myint Soe, said that the European Union “has topped the lists of garment order, followed by Japan, South Korea and other countries”.

This year, the order placed by the EU has overtaken that of Japan. Until mid-September of this fiscal year, export earnings from the CMP garment industry have reached more than US$1 billion, according to Commerce Ministry figures.

Until mid-September of the 2016-2017 fiscal year, the sector earned nearly $714.24 million, up nearly $336.42 million compared with the same period last year,

According to the Directorate of Investment and Company Administration, the government had received many investment proposals related to the garment industry.

“Around four garment factories invest every month. Most of them are from China,” Myint Soe added.

Said a garment entrepreneur: “Last year, export earnings exceeded US$2.15 billion.”

Of exports, agricultural produce accounts for 27 per cent, natural gas for 23 per cent, CMP garment 16 per cent, mining products for 8 per cent, marine products for 3 per cent and animal products and other products for 22 per cent.

Source : Eleven Myanmar

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