Due to rapid growth in exports, Myanmar’s apparel production is expected to reach $10 Billion by 2024. According to the Commerce Ministry of Myanmar, apparel exports increased by $1.17 billion in the 2018-2019 fiscal year summing up to $4.37 billion. Hence, the Asian nation is expecting to create more than a million jobs for the unskilled and semiskilled workers.
In 2015-2016 fiscal year, export figure of Myanmar was $800 million which has rose to $4 billion in the current economic year. Since 2015, Myanmar’s exports have been growing by more than $1 billion each year. Assuming that exports and production continue to grow at this rate, Myanmar is expected to become a major competitor of Bangladesh which now stands as the world's 2nd largest exporter of Apparel.
Because of trade privilege and cheap labor cost, investors from China and Vietnam are relocating their business in Myanmar. As a result, this south Asian nation is growing rapidly in production and exports.
Myanmar is also enjoying duty free trade privilege from EU nations over all export goods according to the 2013 scheme and thus, Chinese and Vietnamese investors are opening factories in Myanmar.
On the contrary, increasing labor costs in China has pushed it to shift manufacturing electronic goods like mobiles, laptops, home appliances, automotive and apparel machineries. New technology based production facilities require vast number of workers which has created a shortage for the apparel and textile industry and thus investors from China and Vietnam are relocating their factories to Myanmar which has become a hot zone for China to launch their manufacturing operations.