Myanmar garment industry would export cut-make-pack (CMP) products to markets in the US, Canada and Russia in addition to those in Japan, South Korea and the EU, according to the Myanmar Garment Industry 10-year Strategy (2015-2024).
Since 2010, Japan has been the largest buyer of Myanmar garments. It was only last year that Myanmar exported more than $580 million worth of garments. Before 2003, Myanmar mainly exported garments to the US. Export earnings amounted to $1.6 billion. Currently, the garment industry is operating under the CMP system. The country plans to operate 1,500 garment factories by 2025 and employ one million staffers. Export value is expected to reach $10 billion. Myint Soe, Chair of the Myanmar Garment Entrepreneurs Association explains they want to shift from the CMP to the FOB (free-on-board) production system.
The Myanmar garment industry’s export earnings stood at $912 million in 2012. Over the next 10 years, exports from the country are expected to be in the range between $8 billion to $10 billion.