According to reports, on February 1 (Monday) local time, a spokesman for Myanmar’s ruling party National League for Democracy (NLD) said that party leader Aung San Suu Kyi and several senior politicians have He was arrested in an early morning raid. The Myanmar National Defense Force announced that it had taken over power, and the country entered a state of emergency for one year. Vice President U Thein Sui was appointed interim president.
It is reported that recently, the Myanmar military and the Democratic League have had disagreements over the results of last year’s election, and tensions between the two sides have escalated due to what the military calls “election fraud.” Mobile networks and the Internet appeared to be down in at least two major cities in Myanmar, and Myanmar’s state television station was off the air for “technical reasons.”
Myanmar focuses on supporting the textile industry
For many years, Myanmar has encouraged investment in labor-intensive industries, and the textile industry has always been a priority industry. International clothing companies are enthusiastic about entering the Myanmar market. Many countries have entered the Myanmar textile market. Giant companies in the clothing retail industry such as H&M and GAP have set up factories in Myanmar.
As of December 2020, among the 51 countries and regions that have invested in Myanmar, Singapore, China and Thailand have invested the most. Among the 12 investment fields, the electric power field has the largest investment, accounting for 26.13% of the total investment; oil and natural gas is second, accounting for 25.98% of the total investment; and the manufacturing field is third, accounting for 14.57% of the total investment.
Myanmar’s textile and clothing exports are increasing year by year
Myanmar’s textile and apparel industry has developed rapidly in recent years (excluding the epidemic years). Exports are growing rapidly. According to statistics, Myanmar’s clothing exports were only US$700 million in 2012, and reached US$3 billion in 2016. In the 2018/19 fiscal year, clothing exports were US$4.6 billion. In the 2019/2020 fiscal year, affected by the epidemic, clothing exports were US$4.28 billion, a decline of 6.95 percentage points. Since Myanmar has received Generalized System of Preferences (GSP) treatment from the EU, more than 70% of the garments produced in Myanmar are exported to the EU.
China’s textile and clothing exports to Myanmar have increased year after year
my country’s textile and clothing exports to Myanmar have increased year after year. On the one hand, Myanmar workers’ wages are low, even among Southeast Asian countries, and on the other hand, On the other hand, the EU has granted Myanmar the most preferential country policy. Affected by the epidemic and trade war during the year, Myanmar remained an important export direction.
Chinese cotton cloth exported to Myanmar
In 2020, my country’s cotton exports to Myanmar were US$10.0154 million, -18.62% year-on-year. Exports of Myanmar cotton cloth accounted for 1.47% of the total, and the momentum of continued growth has been hindered by the impact of the epidemic.
Considering the current situation, Myanmar’s domestic environment is complex and unique. We can only wait and see how it changes. Some export orders to Myanmar are cut off, and long-term textile There are certain variables in the sector, and industry players should be cautious. </p
