/ Degree Myanmar CMP enterprises’ raw material import volume reaches 1.0 billion U.S. dollars
Statistics from the Myanmar Ministry of Commerce show that as of February 11 in 2021/22 (October to March), raw material imports by contract processing (CMP) companies reached US$919 million. That’s an increase of nearly $107 million from $728 million in the same period in 2021.
In Myanmar’s manufacturing industry, the garment and textile processing industry accounts for a large proportion and makes an important contribution to Myanmar’s GDP. According to Myanmar Customs data, in 2020/21, the export value of the custom-processed (CMP) garment industry was US$3.6 billion. Due to sluggish demand from the EU, Myanmar’s garment exports fell by more than 20% compared with 2021. Myanmar CMP garments are mainly exported to Japan, South Korea, China, the United States, and European markets.
Data from the Ministry of Commerce show that the export volume of CMP garments in the 2015/16 fiscal year was only US$850 million; in the 2016/17 fiscal year, it was approximately US$2 billion; in the 2017/18 fiscal year US$2.5 billion, US$2.2 billion during the 2018 budget period (April-September). It grew to US$4.6 billion in the 2018/19 fiscal year; it grew to US$4.8 billion in the 2019/20 fiscal year.
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