From October 1 to 25 of this fiscal year, the exports by CMP garment sector reached 325 million US dollars, up 38 million US dollars compared with the same period last year, said Khin Maung Lwin, assistant permanent secretary of the Commerce Ministry. 

Last year, the CMP garment sector’s export earnings amounted to over 287 million US dollars. The CMP garment sector sees significant progress. 

In 2015-16 FY, the garment sector earned 0.8 billion US dollars from exports. 

In 2018, the garment sector’s export earnings reached nearly 4.6 billion US dollars. In 2024, the garment sector’s export earnings are expected to hit 10 billion US dollars, according to the Myanmar Garment Entrepreneurs Association.

“The garment sector needs to increase production twice as the number of workers see a five-fold increase and income has increased 10-fold. We are making continued efforts to achieve this goal, said Khaing Khaing Nwe, Secretary of the Myanmar Garment Entrepreneurs Association.

The MGEA has more than 500 members. More than 500,000 workers are employed at the garment sector. Myanmar earns just around 10 per cent on average due to the CMP system. Some get just eight per cent while others get up to 12 per cent, Khaing Khaing Nwe added. 

Now the CMP industries earns around 300 million US dollars annually. The CMP industries will earn up to three billion US dollars if it can shift from CMP to FOB, according to the MGEA.