Myanmar, one of the growing economies in apparel market, may further experience a drop in its exports with recent military coup and arrests of ministers of the ruling democratic party. Apparel export of the country dropped 11.75 per cent to $4,621.31 million in 2020 from $5,236.58 million in 2019 due to the Covid-19 pandemic,
according to data from TexPro.
Myanmar, one of the growing economies in apparel market, may further experience a drop in its exports with recent military coup and arrests of ministers of the ruling democratic party. Apparel export of the country dropped 11.75 per cent to $4,621.31 million in 2020 from $5,236.58 million in 2019 due to the Covid-19 pandemic, according to data from TexPro.#
Myanmar’s apparel industry is a significant contributor to its overall exports (approximately 1/3rd of country’s total export). As the apparel sector is an important pillar of this economy, it could be difficult for the country to recover further with expected cancellations of upcoming shipments and sanctions from the prime export destinations such as EU and US which have given a duty-free access to goods from Myanmar under US GSP (Generalised System of Preferences) and EBA (Everything But Arms Act), respectively.
Approximately over 0.5 million population in the country have been involved in apparel business, with most of them being women. The country had started to recover from the aftereffects of pandemic, but the recent military takeover has broken the momentum. Most of the workers have participated in the protests.
Myanmar, one of the growing economies in apparel market, may further experience a drop in its exports with recent military coup and arrests of ministers of the ruling democratic party. Apparel export of the country dropped 11.75 per cent to $4,621.31 million in 2020 from $5,236.58 million in 2019 due to the Covid-19 pandemic, according to data from TexPro.#
The bigger brands have kept the country under review and this political turmoil may impact Myanmar's status as a prime apparel sourcing destination.
Myanmar, one of the growing economies in apparel market, may further experience a drop in its exports with recent military coup and arrests of ministers of the ruling democratic party. Apparel export of the country dropped 11.75 per cent to $4,621.31 million in 2020 from $5,236.58 million in 2019 due to the Covid-19 pandemic, according to data from TexPro.#
With this military coup, apparel exports may further drop as some of the apparel factories operate in the military controlled industrial zones. Average monthly apparel export of the country in 2019 was $436.38 million and decreased to $385.11 million in 2020 with drop of 11.75 per cent. It may further drop to average monthly apparel export to $327.34 million in 2021 with a drop of 15.00 per cent.
Fibre2Fashion News Desk (JL)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
