The CMP industry, i.e. cutting, making and packaging garment industry of Myanmar, including the manufacturing of shoes, bags and garment varieties earned around US $1.836 billion in the last financial year 2016-17 ending this March. The commerce Ministry of Myanmar has officially disclosed these figures. This is more than 85 percent growth over the last year’s (FY 2015-16) figures when the total apparel exports for the country galloped to 1 billion US dollars, which was then a 145 percent growth compared to the previous year’s figures.
If we take a look at the country’s garment export profile, 33 per cent of the total CMP product exports from Myanmar are to Japan, which is closely followed by the European Union (EU) with 25 percent export share. Myanmar also supplies CMP products to other foreign markets like South Korea, China, and US markets.
CMP Exports alone contributed around 16 percent to the total export earnings of the country during this last fiscal year. Where, Myanmar earned around US$627 million from its CMP exports, last fiscal.
The garment and textile industry are major contributors to the country’s economy. Also, garment and textile industry are becoming the popular trade of choice for many low-income group families in the country, especially for families from the Myanmar’s rural areas. There are more than 400 textile and garment manufacturing units in Myanmar, which are currently collectively employing around 300,000 people due to its labor intensive nature. It should be noted that these employment figures include a substantially large number of uneducated women in the country.
The major foreign fashion brands that the country manufactures for are Sweden’s H&M and the US’s brand GAP. These brands have significantly invested in garment manufacturing in the country which provides a boost to the country’s economy.
As per the Garment Entrepreneurs Association of Myanmar (GEA), an ambitious export revenue target of $12 billion has been set by the country, to be achieved till 2020. This target is expected to create around 1.5 million additional employment opportunities. If we consider the revolutionary growth figures that Myanmar has been achieving from the past few years, this target doesn’t seem too far for the country to achieve.