Export earnings from Myanmar’s cut-make-pack (CMP) garment sector hit over $2.56 bn till May 10 of the current fiscal—a three-fold rise compared to the figure of over $800 mn in fiscal 2015-2016, according to the Commerce Ministry. The country’s fiscal year now runs from October 1 to September 30 instead of April 1 to March 31 earlier.
In 2018, the export earnings of the garment sector hit nearly $4.6 bn, according to a report in a Myanmarese daily. The total export earnings are expected to hit $10 bn by 2024, said Khaing Khaing Nwe, Secretary of Myanmar Garment Entrepreneurs Association at the 5th anniversary of the association at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) recently. The association has more than 500 members and the garment sector has more than 500,000 workers. The garment sector has witnessed a five-fold increase in the number of workers, the income has increased ten-fold, and the government is making efforts to double the productivity, Nwe said.