Myanmar's CMP garment exports cross $3.7 bn in 8 months of FY 2022-23

27 Dec '22

1 min read

Pic: Shutterstock/ Yavdat

Myanmar’s garment sector on a Cutting, Making, and Packaging (CMP) basis has exported goods worth more than $3.7 billion in the first eight months of fiscal (FY) 2022-2023, i.e., from April–November 2022. Exports of the country’s manufacturing sector, which includes garments, added up to $7.89 billion during the period. Before the pandemic, the country’s garment exports made around $5 billion during FY 2018-2019.

While Myanmar’s volume of exports from September–November 2022 decreased due to a drop in demand by foreign trade partners, garment exports rose in the April–August period, according to data released by the nation’s ministry of commerce.

Myanmar’s garment exports peaked at $656 million in July as per statistics from the Central Statistical Organisation under the ministry of planning and finance. Moreover, the Myanmar Garment Manufacturers Association’s data shows that China, Japan, South Korea, and other European countries primarily order garments from Myanmar on a CMP basis, as per local media reports.

Furthermore, taxing trade license requirements, the rejection of the managed float exchange rate regime, and the obligation of foreign currency surrender rules have led to shortages of critical imported inputs and constrained exporters, the World Bank said in its recent Myanmar Economic Monitor.

Fibre2Fashion News Desk (NB)

More Apparel/Garments News - Myanmar...