Myanmar’s export growth is driven by garment industry
The Global New Light of Myanmar reported that according to statistics from the Myanmar Ministry of Commerce, in the 2019/20 fiscal year as of April 17, 2020, Myanmar’s industrial product exports reached US$5.4 billion, an increase of US$257 million compared with the same period in 2019, a growth of 5. %.
Analysis of the growth in exports of industrial and commercial products is mainly driven by Myanmar’s garment industry, accounting for approximately 30% of Myanmar’s overall exports. However, Myanmar’s garment industry is currently experiencing a negative impact from the new coronavirus. Some factories have laid off employees or even closed down due to lack of materials or orders. The shortage of materials for garments has been actively coordinated by the Myanmar Ministry of Commerce, the Myanmar Garment Manufacturing Association (MGMA) and other units, and the garment materials are transported by land and air across the border to mitigate the impact of the shortage.
The Myanmar Garment Manufacturing Association has more than 500 member manufacturers and employs 500,000 people. The association recommends that member manufacturers invest in the establishment of supply chains such as textile, dyeing and finishing and garment factories to benefit the future of Myanmar’s garment industry. continue to develop.
Myanmar’s garment export value reached approximately US$850 million in 2015/16. In 2017/18, the export volume increased approximately three times to US$2.5 billion. In 2018/19, the export profit of the garment industry exceeded 1 billion. US dollars, Japan and South Korea have long been Myanmar’s main export markets for garments. In recent years, the European Union’s market share has been increasing.
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