The import value of CMP (cut-make-package) raw materials businesses exceeded over USD $ 310 million in 11 months during this fiscal year when compared to the same period of last fiscal year

CMP (cut-make-package) businesses imported raw materials worth over US$2.1 billion in about 11 months during this fiscal year, exceeding over US$310 million compared to the same period of last year, according to sources from the Ministry of Commerce. 

CMP raw materials worth US$2.101 billion were imported from October 1 to August 23 in the current 2018-2019 current fiscal year. In the same period of the previous fiscal year, the value of imported raw materials amounted to just over US$1.787 billion, so this year saw additional US$313.281 million. 

CMP business means importing raw materials, manufacturing finished goods domestically and exporting them. 

In Myanmar, garment industry is running under CMP system. Shoe making and bag making businesses also depend on CMP system. As CMP is based on daily wage, however, just about 10 percent is earned. 

Officials from Myanmar Garment Entrepreneurs Association say that about US$300 million is earned annually from CMP businesses but the income will increase to around US$3 billion if FOB system is to be launched. 

In over nine months this financial year, imports of all kinds of goods were valued at US$13.936 billion falling by over US$930 million compared to the same period of last year.     

(Eleven Media Group: https://elevenmyanmar.com/news/import-value-of-cmp-raw-materials-reaches-over-21-bn-this-year  )

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