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July RMG export earning drops 11%

Bangladesh readymade garment (RMG) export earnings declined 11.02% in July as reduced working days for Eid-ul-Azha and COVID-19 pandemic control measures affected the production and freight of most of the items, including clothing, the main foreign currency earner.

According to the recently released data of Export Earning Bureau (EPB), apparel export fetched $2.88 billion recording an 11.02% drop compared to the corresponding month of July’20.

Figure: RMG export performance of July 21.

Knitwear product exports earned $1.65 billion, recording a 5.25% negative growth. In the corresponding month of July’20, knitwear exports fetched $1.75 billion.

Woven garments export earned $1.22 billion in July, down by 17.79%. According to EPB data, the woven items earnings were $1.49 billion in July’20.

Altogether, the knitwear and woven items declined 11% year-on-year to $2.88 billion combined from $3.24 billion a year ago.

RMG exporters opined that the earning drop is brief, and the export increase from August as they have plenty orders from retailers in the EU and US markets, the top destinations of Bangladesh’s garment.

Sector leaders said that unless there is a lockdown from August onward, apparel export would gain momentum.

“We have a good flow of orders. And our total exports have already crossed Vietnam’s in the first five months of 2021.”

Md Shahidullah Azim, Vice-President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said to media, “We have a good flow of orders. And our total exports have already crossed Vietnam’s in the first five months of 2021.”

Recently Vietnam took over the second-largest apparel exporter globally in 2020 from Bangladesh. Vietnam managed to keep the COVID-19 pandemic in control and permitted factories to work.

Meanwhile, the Home textile exports also recorded 1.76 percent negative growth to $92.36 million in July 21.

The jute sector that performed well during the last fiscal, recorded a 41.29 percent fall in July with earnings of $60.77 million down from $103.51 million.

Although in last fiscal year jute sector fetched $1.16 billion, the highest on record.

Leather and leather goods fetched $90.5 million in July, which was $89.9 million in the same month last year. Posting a 1% growth.

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