The ready-made garment sector contributed $20.21 billion to Bangladesh’s total export earnings in the July-January period of the FY19.
Bangladesh ready-made garment (RMG) sector has earned $20.21 billion in the July-January period of the fiscal year 2018-19 up by 14.51% from $17.65 billion during the same period of the previous fiscal year.
The sector has exceeded the export target set for the period. The earnings from the sector were 7.65% higher than the target of $18.78 billion set for the period.
Of the total export earnings by the apparel sector, knitwear products earned $10.14 billion, which is 13.86% higher than the $8.90 billion earned during the same period of FY2017-18.
Woven products earned $10.07 billion, up by 15.18% from $8.75 billion during the same period of the previous fiscal year.
Calmness in the country’s political arena, the US-China trade war, and improvement in safety conditions in the ready-made garment factories were main reasons behind the increase of RMG export, opined economists and business leaders.
In the July-January period of the current fiscal year, Bangladesh’s business environment was calm despite the national election held in December last year.
Former caretaker government adviser AB Mirza Azizul Islam said, “In the July-January period of the current fiscal year, Bangladesh’s business environment was calm despite the national election held in December last year.”
“Moreover, the US-China trade war was a blessing for Bangladeshi apparel makers,” the economist explained, adding that US retailers relocated its business from China to Bangladesh because of the trade war.
“However, Bangladesh has to be well-equipped to retain the work order flow for further growth,” he added.
On the other hand, the specialized textile sector saw a 41.11% growth to $84.03 million from $59.55, while home textile products saw negative growth of 0.79% to $490 million from $494.09.
However, earnings from leather and leather goods witnessed an 11.71% negative growth to $626.42 million during the period from $709.51 million during the same period of FY2017-18.
Jute and jute goods, the third export earning sector, registered a 24.66% negative growth to $498.66 million, which was $661.86 million during the same period in the previous fiscal year.
