Apparel export goes up 7.46 percent y/y in November

Staff Correspondent        
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Bangladesh exports retained its growth energy in November fetching $3.06 billion on the back of higher shipments of garments, jute and jute goods, frozen fish and footwear. According to the Export Promotion Bureau, in the last month’s receipts rose 6.22 percent compared to the same month last year when Bangladesh shipped goods worth $2.88 billion. The total shipment in the July-November period stood at $14.56 billion, a 6.86 percent rise year-on-year.

Figure 1: Export earnings in billions of $. (Source: EPB)

Garments that account for more than 82 percent of the total national exports logged $11.96 billion in the first five months of the fiscal year, 7.46 percent up from the same period a year ago. Knitwear exports went up 10.86 percent year-on-year to $6.24 billion in July-November while woven garments rose 3.99 percent to $5.72 billion.

Figure 2: Bangladesh export earnings from RMG sector. Source: EPB
Figure 2: Bangladesh export earnings from RMG sector. Source: EPB

Bangladesh Garment Manufacturers and Exporters Association President, Md Siddiqur Rahman said, “Garment shipment should grow 12-15 percent a year to hit the $50 billion export target by 2021.” He suggested helping bolster exports by offering cash incentives to exporters and improving infrastructure at Chittagong Port and Hazrat Shahjalal International Airport. He also called for measures so that exporters can ship goods through direct cargo flights.

Exports of leather and leather goods, the second largest export earning sector after garments, declined 2.95 percent year-on-year to $518.15 million in the period. Within the same category, exports of leather footwear, however, grew 8.55 percent.

Shipment of jute and jute goods, another top earner, surged 16.51 percent to $451.16 million while Jute yarn and twine saw their earnings rise while shipment of raw jute, jute sacks and bags fell.

Bangladesh exported goods worth $34.66 billion in the last fiscal year and aims to earn $37.50 billion this year.

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