The Myanmar textile industry has incurred losses due to dollar appreciation, as reported by Myanmar Textile Entrepreneurs Association.
The month of September saw a significant variation in the value of US dollar. Notably, the dollar value jumped from Ks 1,500 in early September to Ks 1,650 on 20 September.
Yin Yin Moe, Secretary, Myanmar Textile Entrepreneurs Association averred that the dollar appreciation has significantly affected the local apparel industry in Myanmar as they have to import all materials from foreign countries.
She also further added that some of the textile firms have suspended sales due to the losses and will resume only after normalcy is restored.
While remarking on the losses, Moe said that the local market may have incurred losses ranging from 50 to 80 per cent, though it will be difficult to measure the extent of losses accurately.
It is also imperative to note that some garment firms have temporarily suspended their workers owing to losses, while many have stopped recruiting new workers.