Myanmar’s cut-make-pack (CMP) garment industry earned over $3.8 bn from October 1 last year till now, up over $1 bn compared with the same period in the previous fiscal, according to the Commerce Ministry. Last year, the sector saw export earnings of over $2.775 bn, said Khaing Khaing Nwe, Secretary of Myanmar Garment Entrepreneurs Association (MGEA).
The sector is expected to earn up to $10 bn in 2024, Nwe told the 5th annual meeting of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). The sector needs to double productivity, report quoted Nwe as saying.
MGEA has over 500 members. Over 500,000 workers are employed in the garment sector. Myanmar’s garment sector can earn $3 bn if it can shift from the CMP system to the FOB (Free on Board) system, according to MGEA. More than 70 garment industries in the country are running under the CMP system started in 1990.