Myanmar's garment industry shows signs of a shakeout

BANGKOK/YANGON -- Myanmar's garment industry, a vital source of exports for the Southeast Asian nation, is starting to show signs of strain as costs rise and workers become harder to find.

The Myanmar Garment Manufacturers Association says 298 member factories had stopped operating as of December 2023. This was up by 52 from a year earlier and accounted for 36% of total member factories, rising from the 31% share as of December 2022.