Bangladesh readymade garments sector earns $1.57 in the first 18 days of July.
Bangladesh readymade garments export has earned US$ 1.57 billion in the first 18 days of July amid the Covid-19 pandemic which was US$ 1.78 billion in the same period last year. Manufacturers are considering it as a good sign for the RMG industry.
According to Bangladesh Garment Manufacturers and Exporters Association (BGMEA) data, the July 2020 export earnings declined by 11.74 percent over the last year.
The data also shows that country’s export earnings in March, April, May, and June of this year are $2.25 billion, $374.67 million, $1.23 billion and $2.24 billion respectively which shows that export declined by 20.14 percent, 85.25 percent, 62.06 percent and 6.63 percent on respective months.
BGMEA president Dr. Rubana Huq said that RMG export is around $210 million lower than the 18 days’ earnings of last July. “It is certainly a positive sign of hope for the industry,” she added.
According to Fazlul Hoque, former President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), the present trend is positive, considering the overall situation, adding further, and exports in July will be higher, as manufacturers will try to complete their shipments ahead of the Eid-ul-Azha, however, buyers are now placing 70 percent work orders compared to last year.
Bangladesh is still in an advantageous position for the EU market due to duty-free market access there. But for the US market, Vietnam is ahead of Bangladesh because of having Chinese investors there, who might shift the US orders to Vietnam.