Economic Turbulence Has Led To The Decline Of Burma'S Clothing Exports.
Business news October 16th, the global economic turmoil has begun to affect many countries' exports. Due to the sharp reduction in orders, the high growth experienced in the past few years has become history, so enterprises and companies will experience a downturn. Burma is one of the countries affected by the economic crisis. The global economic crisis has not improved, new orders have been reduced, and the important clothing industry in Burma has been hit and started to go bankrupt.
Mr. Myint Soe, President of Burma garment enterprises association, said the new orders will be reduced and the Bureau will be more serious in December. The survival of the garment industry depends on international orders. Reduction in orders may lead to bankruptcies and layoffs.
He said that after the US imposed sanctions in 2003, the textile industry experienced a period of downturn. But two years later, the EU restricted China's imports and the Burma garment industry revived along with the Southeast Asian countries.
Earlier this year, due to the government's anti government action in September 2007, the largest garment retailer in South Africa withdrew orders, and the garment industry in Burma regressed again.
30% of Burma clothing exports to Japan, the other 30% exports to the European Union, the rest of the exports to Latin America, African countries and other countries.
In the 2007-08 fiscal year, Burma's clothing exports amounted to US $282 million.
(Jia Xiao)
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