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Bangladesh’s RMG exports rise over 15% in July-December

Country’s export earnings from the readymade garment sector, the lifeline of the economy, have seen a 15.65% rise to $17.08 billion in July-December period of the fiscal year 2018-19.

In July-December period of the current fiscal year, export earnings from the readymade garment sector went up by 15.65% to US$17.08 billion, which was US$14.77 billion in the same period last year, according to Export Promotion Bureau (EPB) data released today.

Bangladesh’s exports earning from the RMG sector jumps over 15 percent growth in July-December, 2018
Figure: Bangladesh’s exports earning from the RMG sector jumps over 15 percent growth in July-December, 2018.

The sector has exceeded the export target set for the period. The earnings from the sector were 8.51% higher than the target of $15.74 billion set for the period.

Of the total amount, Knitwear products fetched $8.65 billion, which is 13.92% higher than the $7.59 billion in the same period a year ago. Woven products earned $8.43 billion, up by 17.48%, compared to $7.17 billion a year ago.

On the other hand, export earnings from the Jute & Jute goods declined by 26.66% to US$0.421 billion, which was US$0.574 billion in the same period last year.

So the jute sector could not catch the export target set for the period. The earnings from the sector were 19.44% lower than the target of 0.522 billion set for the period.

Now, let’s see what happen to the home textile, export earnings from the home textile increased by 0.3% to US$0.408 billion, which was US$0.407 billion in the same period last year.

This home textile sector could not catch the export target set for the period. The earnings from the sector were 9.68% lower than the target of 0.452 billion set for the period.

The government expects to bring in more than $60 billion by 2021 from exports. Garment manufacturers say apparel shipment should grow 12-15 percent a year to hit the $50 billion export target by 2021.

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