The EU replaces Myanmar’s largest clothing export market
According to Myanmar’s “Eleven” report on August 22: According to the Ministry of Commerce of Myanmar, so far in the 2017/18 fiscal year (April 1 to mid-August 2017), Myanmar’s clothing exports have reached 816 million U.S. dollars, with An increase of US$316 million compared with US$500 million in the same period last year. According to U Min Soe, chairman of the Myanmar Garment Enterprises Association, clothing exports based on the cut-sewing-packing (CMP) system were mainly exported to Japan in previous years. This year, the EU has replaced Japan as Myanmar’s largest export market, and Japan has dropped to second place. According to the report, among Myanmar’s export trade, agricultural products accounted for 27%, natural gas accounted for 23%, clothing industry accounted for 16%, mineral products accounted for 8%, aquatic products accounted for 4%, forest products, livestock products and other products accounted for 22%. U Min Soe also said that according to the Myanmar Investment and Company Management Authority, the Myanmar Investment Commission has approved many investment applications for CMP manufacturing companies, and it is expected that clothing exports in the 2017/18 fiscal year will reach US$3 billion. The EU replaces Japan as Myanmar’s largest clothing export market
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