CMP garment orders placed by EU countries have doubled this year, said Khaing Khaing Nwe, Secretary of Myanmar Garment Entrepreneurs Association.
“This year, CMP garment order has increased twofold. Last year’s garment order amounted to around US$90 million. This year, the EU’s order reached around US$180 million. CMP garment sector will have good prospects if the relations between Myanmar and the EU countries remain unchanged,” said Khaing Khaing Nwe at the Myanmar-Korea Investment Seminar at Lotte Hotel in Yangon on June 20.
Than Aung Kyaw, Deputy Director-General of Directorate of Investment and Companies Administration said: “Most of garment factories are from South Korea. Most garments go to the EU market.”
During four months this year, CMP garment sector earned over US$1.4 billion, up US$704 million compared with the same period last year, according to the commerce ministry.
From April to August 3, this year, CMP garment earned US$1,484 million, the highest on the list of industrial finished products, said an official of the Commerce Ministry.
The garment export earnings increased from US$ 337 million in 2010 to US$ one billion in 2014, according to the Commerce Ministry.
In 2015, export earnings from the CMP garment sector reached US$ 1.46 billion, accounting for 10 per cent of the total export earnings. In the same year, the CMP garment exports increased to 80 per cent.
Citizen-owned garment factories and the joint-ventured factories. Most of joint-venture garment factories are from Japan, China, South Korea and Taiwan.
Currently, Japan, South Korea and EU are importing CMP garments from Myanmar.