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RMG export posts 9.7% growth in July

According to Export Promotion Bureau (EPB) data, Bangladesh apparel export earnings in the first month of the FY 2019-20 increased by 9.7%, totaling USD 3.31 billion, compared to the same month in the previous fiscal year.

Of the total earnings by the apparel sector, knitwear products earned $1.68 billion, which is 9.89% higher than the $1.53 billion earned during the same period in the last fiscal year 2018-19. Woven products earned $1.63 billion, up by 9.51% from the same period of the last year.

Experts and exporters said that Bangladesh RMG exports to the US is growing as US buyers were shifting orders from China to Bangladesh and other countries, though US President Donald Trump was yet to impose tariffs on Chinese apparel products.

The home textile products earned $66.09 million, up by 0.05%, which was $66.06 million.

“We have also invested around USD 4 billion in workplace safety and occupational health hazards. Depreciation of our currency against all other foreign currencies has also helped business persons, especially those associated with export business, to earn more money,” Said Faruque Hasan, former Senior Vice President of Bangladesh Garments Manufacturer and Exporters Association (BGMEA).

EPB data shows that the growth rate of jute and jute products exports increased drastically and reached 0.83 percent. This sector earned USD 74.88 million in the FY 2019-20 (July).

Industry experts said exporting innovative jute products, like shopping bags, jute promotional bags, canvas tote bags and home decor products to countries like Germany and Austria has pushed up the growth rate of this sector.

The export of leather and leather products has bounced back, with the sector registering a positive growth rate of 16.3%.

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