Garment Sector Expects $3 Billion Earnings
Myanmar’s garment sector is expected to gross $3 billion from exports in the current 2017-2018 financial year, according to industry stakeholders. Earnings from Cut-Make-Pack (CMP) garment exports have reached nearly $700 million in the first four months of the ongoing fiscal year ending on March 31 , 2018 according to the Ministry of Commerce.
The sector collected export earnings of $2.2 billion in the previous financial that ended on March 31, surpassing the projected $2 billion. There are more than 400 companies in Myanmar’s garment industry, and currently garment exports account for around 16 per cent of total export earning of the country.
Myanmar Shares 1.6 percent of Global Rubber Exports
Myanmar’s rubber exports account for 1.6 per cent of the world rubber exports, according to the Ministry of Commerce. During the current 2017-2018 financial year that started on April 1, Myanmar has exported 10,000 tons of rubber through maritime trade and more than 30,000 tons via borders. The country mainly exports rubber to neighbouring China.
Myanmar is exporting rubber to six countries this year, with most of the exports going to China, Malaysia and Japan. There are more than 90 rubber exporting countries globally; Asian countries accounting for 80 percent of the world export, while African countries export 8.5 percent.
Thailand to Lend to Myanmar for Dawei SEZ Road
Thailand has pledged Myanmar to lend 4.5 billion Bhat (185 billion Myanmar Kyats) to fund the building of a two-lane road that will connect Dawei Economic Zone in southern-most part of Myanmar with Thailand. Myanmar and Thailand are closely cooperating to implement the road project to Dawei Special Economic Zone, forming a joint cooperation committee and a high-ranking official committee, according to Khin Maung Lwin, assistant secretary of the Ministry of Commerce. Myanmar and Thailand are both estimating the cost of the project. Myanmar and Thailand first signed a memorandum of understanding to develop the Dawei SEZ in 2008. The SEZ that includes a highway and a deep-sea port has been in the works for years.
