Myanmar’s apparel industry contributes significantly to its overall exports (about one-third of the country’s total exports). As the apparel sector is an important pillar of the economy, the country will recover further as shipments that allow duty-free access to commodities that are major export destinations such as the EU and the United States are expected to be canceled and sanctioned. Can be difficult. From Myanmar under US GSP (Generalized System of Preferences) and EBA (All Laws Except Weapons), respectively.
In Japan, more than 500,000 people are involved in the apparel business, most of whom are women. The country has begun to recover from the aftereffects of a pandemic, but recent military takeovers have eroded momentum. Most workers participated in the protest.
Larger brands continue to review the country, and this political turmoil could affect Myanmar’s position as a major apparel supplier.
This military coup could further reduce apparel exports as some apparel factories operate in military-controlled industrial areas. The country’s average monthly apparel exports in 2019 were $ 436.38 million, but in 2020 it fell 11.75% to $ 385.11 million. In addition, the average monthly export value of apparel in 2021 could decrease by 15.00% to $ 327.34 million.
Fiber2Fashion News Desk (JL)
Myanmar, one of the growing economies in the apparel market, could see further declines in exports due to a recent military coup and the arrest of the ruling Democratic Minister. According to TexPro data, the country’s apparel exports fell 11.75% to $ 4,621.31 million in 2020 from $ 5,236.58 million in 2019 due to the Covid-19 pandemic.
A military coup that further impacts Myanmar’s apparel industry
Source link A military coup that further impacts Myanmar’s apparel industry