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Myanmar’s garment exports make record earnings

MYANMAR’S GARMENT EXPORTS MAKE RECORD EARNINGS
Date: 27/08/2013
Source: Eleven
Myanmar’s garment exports make record earnings

Myanmar’s garment exports made record earnings in the first quarter of this year, according to official data from Myanmar Garment Manufacturers Association (MGMA).

The exports have made over $300 million in the period from January to March, almost a double from the same period last year, according to the data.

"Generally most orders came during the first three months of a year averagely. This year we [manufacturers] have earned more than previous years. Our factory earned nearly US$ 200,000 a month these last few months. We got only around US$30,000 a month last year," said Dr. Khin Maung Aye, managing director of Letwyar Factory in Yangon's Hlaing Tharyar Industrial Zone.

The garment orders used to go down between April and June, according to industry sources. Japan and South Korea have made most orders from garment factories in the country. The US and European countries are also increasing garment orders after Myanmar was allowed into a trade preferences scheme by the European Union.



Topic: Business
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COUNTRY SNAPSHOT
GDP 2010 USD 45.4 B
GDP 2012 USD 54.0 B
Inflation 9.13 %
Unemployment Approx. 35%
GDP growth 2011 5.5 %
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