Garment exports to Latin America shows a down trend
29 Jun '07
1 min read
Myanmar is now exporting about 25 percent of garments produced, to Latin America. According to sources, Myanmar Garment Manufacturers'Association has started considering trading with Mexico and other countries from this region due to severe competition from China.
Imposition of economic and diplomatic sanctions in August 2003 by US Government on Myanmar, caused difficulty to domestic garment manufacturers.
In fiscal year 2002-2003, the exports were US $450 million while in 2003-2004 it was $327 million and 2004-2005 totaled to $216 million, showing a fall by 60 percent in total exports.
Removal of quota on garment and textile products on January 1 by World Trade Organization (WTO) has not influenced much of Myanmar exports as the Latin American orders have compensated the losses in business.
However, the industry is now focusing on American market rather than Europe, on the basis of higher return in clothing.
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