Myanmar predicts impressive growth in garment ex - sportstextiles: Lea SportsTextiles

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Myanmar predicts impressive growth in garment exports

22/02/2017
Myanmar’s ministry of commerce expects the country’s garment exports to reach $1.855 billion dollars in the 2016-17 fiscal year, which ends in March.

This would represent an 85% increase on last year’s figure of $1 billion and a 145% jump compared to the 2014-15 fiscal year. 

The principle destination for these exports is Japan, which takes around 33% of them, according to the Myanmar Garment Manufacturers Association (MGMA). It is followed by the EU and South Korea, which each take 25%. 

The government has set a garment export target of $4 billion by 2020. Experts believe that low wages, government policies to further foreign direct investment, and the easing of economic sanctions by other countries mean this is achievable. 

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