Myanmar has earned over USD $ 3,500 million from gas, garment export in the past five months of the current fiscal year

Myanmar has earned over US$1,500 million from gas export and over US$2,000 million from CMP garment export over the past five years of the current fiscal year, according to data from the Ministry of  Planning, Finance and Industry. 

From October to February in the current 2019-2020 fiscal year, US$1,576.07 million from gas export and US$2,083.60 million from CMP garment export totalling US$3,650.67 million. This year’s export value of these two items exceeded US$311.34 million compared to the same period of last financial year. 

From October to February in the previous 2018-2019 FY, gas export was valued at US$1,431.72 million and garment export at 1,907.61 million. 

Most garment businesses in Myanmar are operating under the CMP system. 

Deputy Minister for Commerce Aung Htoo said garment production value has increased tenfold over the past four years, and it is likely to increase up to US$5 billion this year. 

When the incumbent government took office, CMP garment production was valued at US$500 million creating about 400,000 jobs. 

With increasing garment businesses, about 600,000 more people, 95 percent of whom are women, have been employed. 

Nearly US$4.6 billion was earned from garment export in 2018 and the export value  is expected to reach US$10 billion by 2024, according to the fifth annual general meeting of Myanmar Garment Entrepreneurs Association held on May 11, 2019.

(Eleven Media Group: https://elevenmyanmar.com/news/over-3500m-earned-from-gas-garment-export-in-five-months )

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