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Raw materials import by CMP businesses stand at $179 mln as of 5 November

The imports of raw materials by CMP (cut-make-pack) businesses edged up to US$179.9 million as of 5 November in the current mini-budget period 2021-2022 (Oct-Mar), which reflects a slight increase of $24.5 million compared with the year-ago period, according to the Ministry of Commerce.

Myanmar’s manufacturing sector is largely concentrated on garment and textiles produced on the Cutting, Making, and Packaging basis, and it contributes to the country’s GDP to a certain extent. The garment industry faced cancellation of order and slump in output, new orders, coupled with the market manipulation in the forex market.

However, the industry is now getting back to normalcy after the COVID-19 vaccination programme. Myanmar mainly exports CMP garments to markets in Japan and Europe, along with the Republic of Korea, China, and the United States of America. Exports of garments manufactured on the CMP basis touched a low of S$3.6 billion between 1 October and 30 September in the past financial year 2020-2021, according to the data from the Ministry of Commerce.

Source: The Global New Light of Myanmar

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