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Greenback appreciation costs textile industry

Due to the greenback appreciation, local textile industry is making losses, according to Myanmar Textile Entrepreneurs Association.

The value of a US dollar has increased from Ks1,500 in early September to Ks1,650 on September 20.

Yin Yin Moe, Secretary of Myanmar Textile Entrepreneurs Association said: “The greenback appreciation has impacts on local garment industries as we have to import all materials from foreign countries. In addition, it also affects some garment industries which import its products. Even textile industries have suspended their sales due to losses.”

The textile shops will resume their sales after the situation returns to normal.

“We cannot expect to what extent the textile industries suffer losses. I think it would be about 50 to 80-per-cent loss in the local market, she added.

Local textile industries have stopped the recruitment of new workers due to losses. Some garment factories have temporarily suspended some workers from their works.

SOURCE: ELEVEN MYANMAR

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