The Impact Of The World Financial Crisis On Myanmar'S Garment Industry

According to some entrepreneurs and economists in Myanmar, the world financial crisis is directly or indirectly affecting the development of labor-intensive clothing industry. According to Wu Minsu, President of Myanmar garment Owners Association, "the world financial crisis has affected Myanmar's garment industry. At present, the total number of Myanmar's garment industry employees is between 65000 and 85000. The main export markets of Myanmar's ready-made clothes are Germany, Spain, Britain, Latin America and Japan. Orders have fallen by 25% due to the financial crisis. In particular, the Japanese market, which started to receive orders only in 2007, has become the largest export market of Myanmar's ready-made clothes, accounting for 35% of the export market share of ready-made clothes. 75% of Japan's orders are workers' uniforms of Japanese factories. according to the head of Japan's foreign trade agency in Yangon, the impact of the financial crisis on Japan has led to a decline in the production of Japanese manufacturing industry. The chain reaction is the reduction of staff, and the decline in orders for uniforms will become a trend for some time. The European market also reduced orders for garment factories in Myanmar due to the impact of the financial crisis. at present, workers in a garment factory in Myanmar market, including overtime pay, have a monthly wage of $40-50, and the production cost of a dozen garments is $3. In China, Vietnam, Bangladesh and Cambodia, the cost of making a dozen ready-made clothes is $9, depending on the variety and style. there are about 120 garment factories in Myanmar, 90% of which are export-oriented enterprises. Only 10 factories with foreign direct investment are still in operation. Editor in charge: Yang Jing