3-fold increase! Myanmar’s apparel export
earnings shoot upwards
Yes, it’s an increase by 3 times!
Myanmar’s cut-make-pack (CMP) apparel sector touched an
impressive US $ 2.5 billion up to 10 May of the current fiscal
year, which is 3 times more than what it was in the 2015-2016
fiscal – and that was US $ 800 million. This was confirmed by
the Ministry of Commerce.
After earning US $ 4.6 billion from its apparel exports in 2018,
the numbers are, reportedly, expected to reach US $ 10 billion
by the year 2024.
Speaking at the 5th anniversary of the Myanmar Garment
Entrepreneurs Association (MGEA) at the Union of Myanmar
Federation of Chambers of Commerce and Industry recently, Khaing
Khaing Nwe, Secretary, MGEA, said that Myanmar’s apparel
industry has lately seen its number of workers go up by 5 times
and the income go by 10 times.
However, he added, the Government is now going all out to
increase the productivity by 2 times. That’s the only way to
justify the rise in income.
The Deputy Minister of Commerce, Aung Htoo, who was also present
at the event, said that the garment industry in Myanmar creates
jobs for nearly 500,000 workers and is the biggest contributor
to employment and GDP.