Readymade garment (RMG) export fetched $31.45 billion in the just-concluded fiscal year recording a 12.5 percent year-on-year growth. Accounts around 85% of Bangladesh’s national export, according to data from the Export Promotion Bureau (EPB).
Among the apparel exports, the knitwear apparel segment earned $17 billion, logging a 22% growth. While, after suffering over one and a half years, the woven export bounced back registering 3.24% growth to $14.49 billion.
Another significant development took place in the home textile segment. The sector exported $1.13 billion. Registering a 49% growth in FY21.
RMG leaders say that the demand for both knitwear and home textile items increased globally as more and more people are spending more time indoors because of the prolonged COVID-19 pandemic.
RMG export recorded a 12.5%c y-o-y growth.
Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said to a leading daily media, “The export trend looks bright as international retailers and brands are coming back with a handful of work orders for the next season,”
“With the reopening of the clothing stores in Europe and the US, the shipment of garment items is rising,” Hassan said.
The business leader opined that the export of knitwear had already returned to the pre-pandemic level, and woven export was rebounding.
He was cautiously optimistic, “The export earnings should be compared with the pre-crisis period to comprehend the real scenario.”
Elaborating that, in 2018-19 FY, Bangladesh’s RMG export was $34.13 billion. It dropped to $27.94 billion in the following year as the sales collapsed in the western markets because of the pandemic.
Besides some work orders shift from China boosted Bangladesh’s export, he said.
The BGMEA President thanked the workers, owners and the government for keeping the garment factories open during the lockdown.
In addition, ‘Made in Bangladesh’ apparel price also increased a bit as buyers are taking into account the high cost of raw materials like fabrics and yarn. Nevertheless, the cutting and making charges have almost remained unmoved.
Overall, the country’s export in FY 21 fetched $38.75 billion. The receipts in fiscal 2020-21 are 15 percent higher compared to a year ago.