Global New Light of Myanmar reported that according to statistics released by the Ministry of Commerce, within eight months of the 2022/23 fiscal year, the export volume of Myanmar’s garment industry based on supplied materials processing (CMP) exceeded $3.7 billion. Export volumes fell during September-November due to lower demand from foreign trade partners. Export volumes fell during September-November due to lower demand from foreign trade partners. According to statistics from the Ministry of Commerce, garment exports increased during the April-August period.
In addition, statistics released by the country’s central statistical agency showed that garment exports hit a record high of US$656 million in July. In the past eight months of the current fiscal year 2022/23, manufacturing exports, including readymade garments, reached US$7.89 billion.
According to the Myanmar Garment Manufacturers Association (MGMA), Japan, China, South Korea, and European countries mainly order garments through CMP. Before the outbreak, Myanmar’s garment industry made a huge contribution to Myanmar’s economy. Readymade garment exports generated approximately US$5 billion in revenue in the 2018/19 fiscal year.
