According to the Ministry of Commerce,Myanmar exported garments under the cut-make-pack (CMP) system worth $4.28 billion between October 1 and August 31 in fiscal 2019-20. However, following the novel coronavirus pandemic, some CMP garment factories have shut down due to lack of raw materials, leaving thousands of workers unemployed.
The export value of CMP garments was only $850 million in fiscal 2015-16, but has tripled over the last two fiscals. In 2016-17, about $2 billion was earned from such exports.
The figure increased to an estimated $2.5 billion in 2017-18Y and $2.2 billion in the 2018 mini-budget period (from April to September). It tremendously grew to $4.6 billion in the fiscal 2018-2019, the ministry said.
The CMP garment sector, which contributes 30 per cent to Myanmar’s export sector, is bracing for a downward trend owing to cancel of orders from European countries and suspension of trade by Western countries amid the pandemic, according to media reports in the country.