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CMP garment’s export earnings up $ 382 m

Garment sector earned US$ 759.172 million from exports of CMP garment, up US$ 382 million from the same period last year, according to the Commerce Ministry.

Khin Maung Lwin, assistant permanent secretary of the Commerce Ministry said: “Last year, export earnings from the CMP garment sector reached US$ 377.031 million.”

The Commerce Ministry has prioritized the textile sector (garment) in a bid to promote the export sector.

The CMP garment industry, the third largest export plays a significant role in supporting the country’s economic development.

Myanmar textile sector sees a rapid growth. The use of garments manufactured from Myanmar by European countries and Asian countries become high, said Deputy Minister for Commerce Aung Htoo.

Exports earnings from CMP garment sector increased from US$ 337 million in 2010 to nearly US$ one billion in 2014, according to the Commerce Ministry.

In 2015, exports earnings hit US$ 1.46 billion, accounting for 10 per cent of the total export volume. In 2015, exports of CMP garment sector increased to up to 80 per cent.

Companies from Japan, China, South Korea and Taiwan have made joint-ventured investments in the garment sector mostly.

Now the number of garment factories has increased from more than 350 to more than 400.

Source : Eleven Myanmar

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