Bangladesh’s export earnings from the readymade garment sector, the lifeline of the economy, have seen a 20.08% rise to $11.33 billion in July-October period of the fiscal year 2018-19.
In July-October period of the current fiscal year, export earnings from the readymade garment sector sent up by 20.08% to $11.33 billion, which was $9.43 billion in the same period last year, according to Export Promotion Bureau (EPB) data released today.
The sector has exceeded the export target set for the period. The earnings from the sector were 11.50% higher than the target of $10.16 billion set for the period.
Of the total amount, Knitwear products fetched $5.88 billion, which is 17.83% higher than the $4.98 billion in the same period a year ago. Woven products earned $5.45 billion, up by 22.61%, compared to $4.45 billion a year ago.
Bangladeshi RMG manufacturers have improved the safety standard, which enhanced the buyer’s confidence and they are now placing more work orders.
“Bangladeshi RMG manufacturers have improved the safety standard, which enhanced the buyer’s confidence and they are now placing more work orders. While US-China trade war help to bag more work orders as the buyers are shifting business from China,” Exporters Association of Bangladesh (EAB) president Abdus Salam Murshedy said.
As we are diversifying products and introducing technology to improve quality in grabbing the work orders shifting from China. As a result, export earnings from the apparel sector have seen a sharp rise, said Salam, also a former president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).