Apparel exports increased 9.77 percent year-on-year to $28.12 billion in the first 11 months of the current Fiscal Year (FY) 2017-2018. Knitwear exports rose by 11.48 percent to $13.94 billion and woven garments exports were up by 8.15 percent to $14.18 billion.
According to the data from the Export Promotion Bureau (EPB), overall, exports rose 6.66 percent year-on-year to $33.72 billion in the July-May period. The earnings narrowly missed the periodic target of $33.87 billion.
“At the end of the year, we will be able to export more than the target set for the current fiscal year at $30.16 billion,” said Siddiqur Rahman, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
“The export growth in the apparel sector in June might be a little less, but it will grow more from July onwards as the manufacturers have a handful of work orders,” he added.
In recent months, garment export to the US is declining as China, India and Vietnam are performing well to the US markets but the earning from garment export even crossed the 11 months’ target at 3.24 percent to $27.24 billion.
“We are performing strongly in the new markets like in Japan, India, Russia, South Africa, and Australia and in Latin American markets,” said the leader of the apparel exporters’ body.
He also stated that “we need to modernize our machinery and production for more productivity to be more competitive in the global apparel markets.”
“The country’s garment factories are full of orders from international retailers and brands, thanks to the massive progress in workplace safety carried out by the Accord, the Alliance, and the government,” he added.
According to the report of EPB for FY 2017-18 July-May, Cotton, cotton products, and yarn exports went up by 15.86 percent to $117.15 million, jute and jute goods fetched $966.90 million, up by 6.99 percent, home textile export rose by 11.67 percent to $823.00 million, leather and leather goods sector down 11.08 percent to $ $999.07million.