Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan is hopeful that a full recovery in garment export may take place by October this year. Recently Faruque Hassan was speaking at a press briefing at the Gulshan office of BGMEA platform in Dhaka recently.
Faruque Hassan opined his positive hope against the backdrop of normalization of life in Europe and the USA. Reopening of the stores and consumers started spending, for which the demand for the Bangladeshi made garment items has also been growing.
“We are hopeful because majority of the people in the US have already completed the vaccination and the consumers have started going to the retail outlets, which indicates that the economy is rolling on and thus the demand for consumer products, especially for the garment items.” Hassan said.
Apparel export grew by 6.24 percent year-on-year to $26 billion in the first 10 months of the current fiscal year. Of the sum, $13.99 billion came from knitwear items and $12 billion from woven. Where, knitwear shipment registered a 15.34 percent year-on-year growth while woven export fell 2.71 percent.
Hassan added that knitwear export is increasing as people are spending more time indoors. For of the pandemic, the demand for woven garment such as formal shirts and trousers has dropped.
Woven exports declined by more than 10 percent during most of the months in the last one year.
Presently, the US is the single largest garment-exporting destination for Bangladesh, where nearly $6.5 billion worth of garment items are shipped in a year.
Of the total export to the USA, 90 percent include garment items.
In case of the EU, Bangladesh exports more than $21 billion worth of garment items in a year, counting for 63 percent of the total apparel shipment from the country in a year.