Export earnings from CMP garment sector cross $4.4 bln in past ten months

Myanmar pulled income of $4.4 billion from exports in the garment sector working on a Cutting-Making and Packaging (CMP) basis.
The export values stood at $185 million in April 2022, 384 million in May, $610 million in June, $636 million in July, $662 million in August, $500 in September, $364 million in October, $366 million in November, $360 million in December and $360 million as of 27 January 2023.
Myanmar’s manufacturing sector attracted a total of 505 foreign garment factories on a CMP basis. China tops the investment line-ups in the garment sector, followed by China Taipei, Thailand, the Republic of Korea and Japan.
The garment sector placed first among the export groups, with over 700 factories running so far, the Ministry of Labour stated.
There are 505 apparel factories, 48 footwear factories, eight wig factories and other 148 factories executing the manufacturing of bags, sportswear, socks and other goods. They are given the green light to run the business under the existing rules.
The majority of the foreign direct investment went to the CMP garment businesses that need a large workforce. Those labour-intensive businesses create job opportunities for the local community.
In the 2020-2021 financial year, the manufacturing sector including the CMP garment businesses generated export earnings of $8.253 billion, which is the highest amount among the export groups.
Myanmar’s manufacturing sector is largely concentrated on garments and textiles produced on a cutting, making, and packaging basis. Raw materials are imported to produce finished items. The sector contributes to the country’s GDP to a certain extent.
A total of 602 CMP garment factories are located in Yangon Region, 71 in Bago Region, 18 in Ayeyawady Region, nine in Mandalay Region, three in Magway Region, three in Nay Pyi Taw, two in Kayin State and one in Sagaing Region respectively. —TWA/EM

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