Myanmar's export value of CMP garments reaches $1.047 billion in the first three months of FY2023/24

According to a report from Eleven Media (Myanmar) on August 13, the Central Statistical Organization of Myanmar reported that the export value of Cut-Make-Pack garments (CMP) in the first three months of the 2023/24 fiscal year was $1.0474 billion US dollars, a decrease of $127 million compared to the same period last year.

In the 2022/23 fiscal year (April 2022 to March 2023), the export value of ready-made garments was $5.388 billion. In the transitional fiscal year 2021/22 (October 2021 to March 2022), the export value of ready-made garments was $2.229 billion.

According to the Ministry of Commerce, in the 2019/20 fiscal year, the export value of ready-made garments was nearly $4.8 billion, a decrease of $63 million compared to the previous year. In 2018, the top ten countries for Myanmar's garment exports were Germany with $930 million, Japan with $834 million, South Korea with $399 million, the UK with $323 million, Spain with $294 million, France with $266 million, the US with $211 million, Denmark with $158 million, Italy with $157 million, and the Netherlands with $145 million.

The garment industry in Myanmar mainly earns processing fees through cut-make-pack operations, and the orders come from Japan, China, South Korea, and the EU. In 2010, Myanmar's garment processing exports were only $337 million, but they tripled by 2014, reaching nearly $1 billion.