The export earnings from garment sector declined USD $ 60 million in 10 months of the current fiscal year when compared to the same period of last year

Export earnings from the CMP garment sector have reached US$3.6 billion over the past 10 months of the current 2019-2020 fiscal year, declining by about US$60 million compared with the same period last year, an official from the Ministry of Commerce told The Daily Eleven. 

From October 1 to July 27 this financial year, US$3.615 billion was earned from CMP garment export. The same period last year saw US$3.675 billion in earnings. So, this year, the export value decreased by US$60 million. 

“Till July 24, US$3,615 million was earned from garment export. The amount declined by US$60 million compared to the previous year,” the official said. 

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.

The garment sector sees the massive inflows of foreign investments. However, Myanmar earns just about 10 percent as it makes garments under the CMP system. 

(Eleven Media Group: https://elevenmyanmar.com/news/garment-export-in-10-months-declines-60m-compared-to-last-year )

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