Garment exports using the Cutting, Making and Packaging (CMP) method as of mid-December attained US$1,157.374million, which is up from US$629.709million in the similar period of last fiscal year, according to the Commerce Ministry.
Japan plays a key role in Myanmar’s garment industry. Currently, Japan and countries in Europe are placing the largest number of orders. The value of garment exports to Japan fetched over $550million last year. The number of orders from European countries is rising significantly. Japan ranked first in the garment export sector with 33 per cent of exports, followed by Korea and Germany with 25 per cent. Additionally, garment exports also go to Chinese and American markets, it is learnt.
There are currently over 400 garment factories in Myanmar, with over 300,000 in its labour force.
The exported manufacturing goods as of 16th December in this fiscal year fetched US$3,409.629million, according to the statistics of the Commerce Ministry.
The permitted investments by Myanmar Investment Commission (MIC) in this fiscal year mostly flowed into garment manufacturing sector. MIC permitted foreign enterprises to invest in livestock and fisheries, manufacturing, power transport and communication, hotel and tourism, real estate and other services in this fiscal year, according to the Directorate of Investment and Company Administration (DICA). A total of 78 foreign investment projects and 37 Myanmar citizen investment projects have been approved by MIC.