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Dollar appreciation leads to losses in Myanmar textile industry

Myanmar Textile Entrepreneurs Association has reported that the Myanmar textile industry has incurred losses due to dollar appreciation. Yin Yin Moe, Secretary, averred dollar appreciation has significantly affected the local apparel industry in Myanmar as they have to import all materials from abroad.

September saw a significant variation in the value of US dollar. Notably, the dollar value jumped from Ks 1,500 in early September to Ks 1,650 on 20 September. Some of the textile firms have suspended sales due to the losses and will resume only after normalcy is restored. Moe said the local market may have incurred losses ranging from 50 to 80 per cent, though it will be difficult to measure the extent of losses accurately. It is also imperative to note that some garment firms have temporarily suspended workers owing to losses, while many have stopped recruiting new workers.

 

 
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