3-fold increase! Myanmar’s apparel export earnings shoot upwards

Yes, it’s an increase by 3 times!

Myanmar’s cut-make-pack (CMP) apparel sector touched an impressive US $ 2.5 billion up to 10 May of the current fiscal year, which is 3 times more than what it was in the 2015-2016 fiscal – and that was US $ 800 million. This was confirmed by the Ministry of Commerce.

After earning US $ 4.6 billion from its apparel exports in 2018, the numbers are, reportedly, expected to reach US $ 10 billion by the year 2024.

Speaking at the 5th anniversary of the Myanmar Garment Entrepreneurs Association (MGEA) at the Union of Myanmar Federation of Chambers of Commerce and Industry recently, Khaing Khaing Nwe, Secretary, MGEA, said that Myanmar’s apparel industry has lately seen its number of workers go up by 5 times and the income go by 10 times.

However, he added, the Government is now going all out to increase the productivity by 2 times. That’s the only way to justify the rise in income.

The Deputy Minister of Commerce, Aung Htoo, who was also present at the event, said that the garment industry in Myanmar creates jobs for nearly 500,000 workers and is the biggest contributor to employment and GDP.

Source By : https://apparelresources.com/business-news/sourcing/3-fold-increase-myanmars-apparel-export-earnings-shoot-upwards/