Textile News, Apparel News, RMG News, Fashion Trends
Trade & Business

Apparel exports drop 7.12% during July-March

Apparel exports witnessed a 7.12% decline to $24.10 billion during July-March, the first nine months of the current fiscal year.

As per the data of the Export Promotion Bureau (EPB), released on 15 April, knitwear products earned $11.95 billion in the first nine months of this fiscal year, declined by 6.61% year-on-year.

Woven goods fetched $12.14 billion, witnessing a 7.61% fall against the same period of the previous year.

The country’s total export earnings in March declined 18.29% year-over-year to $2.73 billion. Total export earnings during July-March of this fiscal year declined by 6.24% to $28.97 billion, which was $30.90 billion a year ago.

Bangladesh-apparel-Export-July-March-FY2019-2020
Figure: Export during July-March of FY2019-2020.

As the global retailers have canceled shipments of finished goods, while the supply chain with China, the largest destination for industrial raw materials for the local manufacturing business, also was almost stopped due to the coronavirus outbreak.

Due to the outbreak of COVID-19, apparel makers have seen a huge quantity of their work orders canceled or suspended. Of the canceled work orders, some 40% was finished clothes and ready to ship, as per Bangladesh Garment Manufacturers and Exporters Association.

BGMEA data also mentioned that 1,140 apparel exporters have witnessed work order cancellations worth $3.16 billion so far, affecting nearly 2.26 million workers.

It would be very tough to come out of the current trouble time as the big and important export destinations such as the US, Germany, UK and Spain were affected, some business leaders opined.

Leather and leather goods, the second-largest exporting sector, saw a 10.78% fall to $688.51 million in the July-March period.

The specialized textile sector saw a close to 12% negative growth to $99 million, while home textile products fell by 7.59% to $598 million.

On the plus side, jute and jute goods, the third largest export earning sector, registered a robust 23.49% growth to $775.63 million during the period.

Related posts

STAR Network urges retailers to show responsible purchasing practices

Textile Today

BD might face worst humanitarian crisis

Textile Today

Market diversification for further RMG export growth

Textile Today

Latest Publications

View All

Textile Today May 2020 Issue
3 Special Supplementary
Editorial on “Time to rewrite the fashion industry”
Cover Story on “Alternative marketing for increasing export”
Exclusive Interview- Dr. Rubana Huq, President, BGMEA
07- Industry Experts Opinion
08- Factory news
43- Total Articles
100- Total Pages
Download Now