CMP garment exports bag over $3.7 bln in eight months

The export value of Myanmar’s garment sector working on a Cutting, Making and Packaging basis exceeded US$3.7 billion in the eight months of the 2022-2023 FY, according to the statistics released by the Ministry of Commerce.
The export volume in the September-November period fell owing to a slump in demand by foreign trade partners. During the April-August period, the export of garments grew, as per the Ministry of Commerce’s data.
The statistics released by the Central Statistical Organization under the Ministry of Planning and Finance indicated that garment export was recorded the highest of $656 million in July.
In the past eight months of the current FY 2022-2023, exports of the manufacturing sector including garments amounted to $7.89 billion.
Japan, China, the Republic of Korea and European countries primarily order the garments on a CMP basis, according to Myanmar Garment Manufacturers Association.
Prior to the pandemic, Myanmar’s garment sector contributed to the country’s economy a lot. Garment exports generated an earning of about $5 billion in the 2018-2019 FY.—TWA/ EMM