The garment export value of Myanmar declined by 20 per cent from October 1, 2020 to May 28, 2021 to reach $2.193 billion, according to Ministry of Commerce.
As per CCF Group report, Myanmar mainly exports CMP garments to the European markets along with Japan, the Republic of Korea, and the US. Its garment industry has been facing challenges such as cancellation of orders amid the pandemic.
In 2010, Myanmar exported garments worth $337 million. Since 2014, its exports have been supported by the EU GSP duty-free system and investments in the sector have increased. However, the current political conditions have dragged down the sector with Myanmar's PMI production index hitting a new low in March. New orders in the production industry have also fallen dramatically due to the pandemic and political unrest.
