Myanmar’s apparel exports drop by half in two months

The
export of apparels from Myanmar have declined by 50 per cent in two months
because of drop in demand from the European market the ministry of commerce
stated in a news report.  The exports of
the country were valued at $214 million under the cut-make-pack (CMP) system
for October and November months for the 2020-2021 in comparison to $450 for the
same period previous fiscal.

The
Myanmar Garment Manufacturers Association told a leading newspaper that the
apparel business is expected to improve after the COVID-19 vaccine in Europe.

The
coronavirus outbreak has caused supply chain disruptions across the global
textile industry. The CMP apparel sector contributes close to 30 per cent of
the country’s export sector. Suspension of trade by western countries and
cancelled orders amidst the pandemic are responsible for the downward trend of
garment exports. Japan is the largest market for Myanmar apparel, followed by
the European Union.