Exports between April 1 and November 10 have risen by nearly $1.3billion over the same period last year, with half of the increase comprising exports from the industry sector, according to statistics from the Ministry of Commerce.
During the period, total export income from seven export sectors hit $8.5 billion. The industry sector contributed the most to the country’s exports this year, with almost half the goods exported, or some $3.9 billion worth, coming from this sector.
This included some $2 billion in export income from the public sector, with the remaining contributions from the private sector. Overall, this represented an increase of around $652 million year-on-year.
Goods produced by the Myanmar industry sector for export purposes include CMP (cutting, making and packaging) garments, natural gas, sugar and jewellery.
This year so far, garment exports are up by $450 million compared to last year, hitting $1.5 billion year-to-date. "The CMP garment sector improved last year but this year it is improving further. In the industry sector, garments are the biggest export item." U Khin Maung Lwin said.
In fact, garment exports have been increasing by about 30pc per year since 2012, Myanmar Garments Manufacturers Association Chair U Myint Soe said.
In fact, the garment sector is one of the most promising export sectors for Myanmar, with demand from Western markets rising and export volumes increasing year after year. After the US sanctions were lifted, investments in the garment sector have increased, creating many job opportunities, U Khin Maung Lwin said.
The other major Myanmar export is natural gas. Export income derived from natural gas so far this fiscal year has increased by $107 million over the year before, with over 6 million tonnes exported. This is actually less than what Myanmar exported during the same period a year ago, however prices have increased this year.