Myanmar expects that garment exports from the country shall witness an increase of 85 per cent compared to last year. By the end of this fiscal in March, garment exports may reach US $ 1.855 billion compared to US $ 1 billion last FY (registering a whopping 145 per cent increase compared to financial year 2014-15), according to the Myanmar’s Ministry of Commerce.
The apparel industry of Myanmar, known for its cut-make-pack (CMP) systems or contracts, seems well on its way of achieving its target of US $ 4 billion by the year 2020.
Around 33 per cent of the country’s CMP products are exported to Japan; 25 per cent each to the EU and South Korea, and 2.4 per cent each to the US and China, this was disclosed by the Myanmar Garment Manufacturers Association (MGMA).
The country’s apparel industry consists of 400 garment factories employing around 400,000 workers