Garment exports are expected to reach US$3 billion in the current fiscal year, according to the Myanmar Garment Manufacturers Association.
Myanmar earned more than a billion from garment exports in the first half of this FY, which is $330 million more than that of the similar period of last FY, according to the Commerce Ministry.
Garment exports primarily go to Japanese and European markets. Additionally, it is exported to South Korea, China and the United States.
Myanmar’s garment industry uses the Cutting, Making and Packing (CMP) system, and those engaged in the industry are striving to transform from CMP to the Free on Board (FOB) system.
In the fiscal year of 2016-2017, there were estimated earnings of about US$2 billion from garment exports, according to the Commerce Ministry.
In the export sector, natural gas and agricultural products respectively made up 25 per cent of the sector, while CMP garments account for 16 per cent, minerals account for eight per cent, fisheries for five per cent and forest, animal products and other products for 21 per cent.
There are currently over 400 garment factories in Myanmar, with a labour force of more than 300,000 workers. Myanmar’s cheap labour attracts foreign manufacturers to invest in the country, which sometimes leads to conflicts between the workers and the employers because of wages and work conditions.