the highest growth in the apparel industry’s history
In September, Bangladesh’s apparel export earned a record $3.42 billion, with a growth rate of 41.66%, according to the data published by Export Promotion Bureau (EPB).
Bangladesh’s top apparel body, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Knitwear Manufacturers & Exporters Association, (BKMEA) agreed that this is the highest growth in the apparel industry’s history.
Also, in the July-September period in the fiscal year, readymade garment (RMG) exported $9.05 billion garment items, registering an 11.48% year-on-year growth. Which was $8.12 billion in the last FY.
Among the total RMG export, $5.16 billion came from knitwear export. With 15.69% year-on-year growth.
While, woven export earned $3.89 billion in the three months to FY 2021, growing by 6.35% year-on-year rise, according to EPB data.
After nearly one and a half years, the woven sector registered a durable positive growth with the reviving of the global economies, especially in the western world.
The USA and the European Union (EU) have returned to normal with a large number of people being vaccinated against COVID-19. So the buyers of those countries are placing more orders for the coming summer and spring season just like before the pandemic.
Apart from that, some purchases were shifted to Bangladesh due to the military rule in Myanmar and the horrors of COVID-19 in India.
Even before that, European and USA fashion buyers transferred some purchases from China to other countries including Bangladesh.
There have also been some purchases due to the long-term lockdown in Vietnam. All in all, compared to 2019, 15 to 20 percent more purchases have come.
Several RMG leaders opined that many orders from the month of August were exported in September due to the container- crisis. That is why there is a big jump in apparel exports.
They are also optimistic that in October, 20% more work orders will come in the knit sector.
However, due to the volatility of yarn prices, exporters are not very relieved.
The recent power crisis in China for several days will hurt the woven sector. As 80 percent of the woven fabric comes from China. While local entrepreneurs are sitting with the purchase order. If it is not solved on time, there will be a disturbance in exports rhythm.
Home textile export earned $0.27 billion in the July-September period. Which witnessed a 10.65% jump compared to the same period last FY.
Specialized textiles export earned $0.038 billion in the July-September period. Grew by 29.08% compared to the same period last FY.
Among the specialized textiles export earnings, terry towel export earned 0.012 billion in the July-September period. Grew by 35.59% compared to the same period last FY.
While special woven earned $0.007 billion in the July-September period. Grew by 35.71%% compared to the same period last FY.
Manmade filaments and staple fibers export earned $0.029 billion in the July-September period. Witnessing an 11.76% decline.
In the July-September period Jute and jute goods export earned $0.212 billion. Declining by 30.97%.