Planning and The Ministry of Finance news, in 2021, Myanmar garment exports reached 3.837 billion US dollars, has been, Myanmar's domestic garment exports are in the form of CMP processing, after importing raw materials, cutting, sewing, processing and then exporting in domestic factories.
However, due to the low profit of CMP processing, the Myanmar Garment Export Association changed the CMP model to the FOB model, and the new export model increased the revenue by about 10 times compared with the CMP model. In 2010, Myanmar's garment exports were only $337 million, and since 2014, garment exports have tripled.
In 2015, garment exports reached $46 billion, accounting for 10% of the country's export share. Among all Myanmar's export products, it is the industry with the largest increase in myanmar's domestic exports. In the 2019-2020 fiscal year, Myanmar's garment exports earned nearly US$4.8 billion, and in fiscal years 2018-2019, Myanmar's garment exports exceeded US$5 billion.
According to the data, among the 10 countries with the largest exports of garments in Myanmar, there are China, Japan, South Korea, the United States, Germany, Spain, France, Denmark, Italy and the Netherlands, and the EU countries with the largest orders are the 10 countries.
During the epidemic period, the reduction of orders coupled with the impact of epidemic prevention policies has made garment factory investors face severe challenges, among which some factories have laid off employees in order to save costs and ensure normal operation. Compared with the same period in previous years, in the three months from 2020 to the first quarter of fiscal 2021, the export value of garments was 889.7 million US dollars, and the export value increased by about 18.6%.
Although the export volume of garments in fiscal years 2019-2020 reached $4.8 billion, compared with fiscal years 2018-2019, garment exports fell by $63 million. In the eight months of fiscal 2020-2021, garment exports decreased by US$524 million year-on-year, and exports fell by about 20%.