The value of exports in the manufacturing sector was worth $487 million last month, which is a significant increase of over $290 million compared with the same period in the last FY, according to data from the Ministry of Commerce.
Myanmar’s manufacturing sector is largely concentrated in garment and textiles on a Cutting-Making and Packaging basis, which contributes to the country’s GDP to a certain extent.
The CMP industry has emerged as very promising in the export sector. The export value of CMP was only $850 million in the 2015-2016 fiscal year, but export income from the CMP industry tripled within two years, with $2.5 billion in the 2017-2018 FY, as stated at the Myanmar Global Investment Forum 2018 held on 12 September.
Meanwhile, garment producers are eyeing Myanmar for investment because of its inexpensive labour, which sometimes causes conflicts between garment factory employers and labourers, according to market observers.
There are currently over 400 garment factories in Myanmar, employing over 300,000 workers.
Of note, the manufacturing sector is likely to maintain the top position in attracting FDIs during the current FY.
(Translated by Ei Myat Mon)