Free Knowledge... From People... To People
Search by Date Myanmar Version Mobile Version
 Business NEWS
Updated on September 24, 2018 From Daily Eleven

Greenback appreciation costs textile industry

Due to the greenback appreciation, local textile industry is making losses, according to Myanmar Textile Entrepreneurs Association. The value of a US dollar has increased from Ks1,500 in early September to Ks1,650 on September 20. Yin Yin Moe, Secretary of Myanmar Textile Entrepreneurs Association said: “The greenback appreciation has impacts on local garment industries as we have to import all materials from foreign countries. In addition, it also affects some garment industries which import its products. Even textile industries have suspended their sales due to losses.” The textile shops will resume their sales after the situation returns to normal. “We cannot expect to what extent the textile industries suffer losses. I think it would be about 50 to 80-per-cent loss in the local market, she added.
        Local textile industries have stopped the recruitment of new workers due to losses. Some garment factories have temporarily suspended some workers from their works.

View Count : 397 | Posted by www.free4reader.com
 

~ Latest News ~

Restaurant company expands into Thailand with local cuisine
Complaint lodged against illegal fishing near Taninthayi Coast
Local banks permitted to extend more mortgages
Fisheries sector upgrades as exports set records
Myanmar Edible Oil Millers Association Calls for Crackdown on Fake Cooking Oil
56th Gems and Jewelry Expo to be Held in March
Competition among hotel investors heats up in Myeik archipelago
Sino-Myanmar border trade falls by $562 mln in Q1
We Need Real Night Markets Like Thailand’s
China must act to stem Myanmar’s runaway meth trade: report
Consumers show strong interest in Myanmar products as import prices rise
Domestic fuel prices continue to slide
UMFCCI to Form an e-Commerce Association
Warning to New Credit Card Users
Bilateral trade with Indonesia up 11.8% in October
Prices of pulses up as market directly linked with Indian policy changes, demand: merchants
Myanmar wins award for research on biomass production
Yangon International Gems, Jewellery Fair to be held in Jan
IMF, World Bank revise down growth forecasts
Myanmar plans to sell natural gas produced from PTTEP block mainly for local use
ASEAN Labour Ministers Meeting Adopts Three Vital Documents For The ASEAN Workers - Kula Segaran
Myanmar loses out on forex losses as domestic debt rises
Myanmar’s own Henry Ford
KPO plans to sell Honda Jet aircrafts in Myanmar
RGO47 set to ride on Myanmar’s e commerce boom
Central Bank greenlights corporate loans by foreign banks
Pope Jai spearheads hiring the disabled in S’Pore
Mineral Development Bank to provide loans to gems, mineral SMEs
Gems, jade stones put up for auction in Nay Pyi Taw
Jade traders call for WeChat ban
Ministry of Commerce Eyeing Mango Exports to the EU
Businesses positive over growth prospects
Rise in dollar rate, but drug prices remain low: MPMEEA chair
FATF to review Myanmar over money laundering concerns
Shwe Bite set to delight office workers with home-cooked food
Yangon hustle: the shadowy trade in gold and dollars
Masked man robs an online store in Yangon
Myanmar business organization calls on EU to deliberate on trade sanctions
AGD Bank Now Accepting EMVbased UnionPay Chip Card Transactions
Shwe Property’s Third Real Estate Expo Generated $28 Million USD
More News