Myanmar’s garment processing exports hit record high

According to the May 3 issue of Myanmar’s “Voice” magazine, U Min Soe, president of the Myanmar Garment Processing Association, said that Myanmar’s garment processing exports earned US$1.1 billion in foreign exchange in 2013, a record high. The main reason is that in recent years, Western countries have gradually lifted their economic blockade on Myanmar and the EU has granted Myanmar’s goods the Generalized System of Preferences (GSP) to stimulate the development of Myanmar’s garment processing industry. South Korea, China and Japan have increased their investment in Myanmar’s garment processing field year by year. Orders in 2014 exceeded previous years, and garment processing exports are expected to reach US$1.5 billion this year.