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RMG exports rise by 51.65% in September

Bangladesh’s exports earning from readymade garment sector has seen a sharp rise by 51.65% to $2.45 billion in September of the current fiscal year.

Staff Correspondent

According to Export Promotion Bureau (EPB) data released yesterday, Bangladesh earned $2.45 billion exporting apparel goods, up by 51.65%, comparing to $1.62 billion in the same period last year.

Bangladesh earned $2.45 billion exporting apparel goods in September, 2018
Figure 1: Bangladesh earned $2.45 billion exporting apparel goods in September, 2018.

On the other hand, in July-September period of the fiscal year 2018-19, Bangladesh’s export earnings from the apparel sector stood at $8.19 billion, which is 14.66% up compared to $7.14 billion in the same period a year ago.

Of the total export earnings from the clothing industry, knitwear products fetched $4.20 billion posting a 12.27% growth comparing $3.74 billion in the same period in the last financial year.

Due to long holiday on the occasion of Eid-ul-Azha in August, we have some pending shipments, which was shipped in September as a result export earnings from the apparel sector has risen sharply.

Abdus Salam Murshedy, MD, Envoy Textile

While woven products have earned $3.98 billion, which is 17.30% up compared to $3.39 billion a year ago.

Meanwhile, Bangladesh’s overall exports earnings have seen 14.75% growth to $9.94 billion in the first quarter of the current fiscal year. In July-September of last fiscal year, Bangladesh overall exports earnings were $8.66 billion.

In August, RMG sector has seen a long vacation of at least 10 days on the occasion of Eid-ul-Azha, which negatively impacted the production. As a result, the sector has seen less shipment comparing to other months. These shipments were made in September.

“Due to long holiday on the occasion of Eid-ul-Azha in August, we have some pending shipments, which was shipped in September as a result export earnings from the apparel sector has risen sharply,” Abdus Salam Murshedy, Managing Director of Envoy Textile said the Textile Today.

Monthly RMG Export September 2018
Figure 2: Monthly RMG Export in billions of $. Source: EPB

On the other hand, buyers are placing more work orders as they are feeling safe in placing orders due to improvement in workplace safety, said Salam, a Former President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

“A 50% growth in export earnings in a single month is a very positive sign for the sector. But the sector people, as well as the Bangladesh government, has to remain active to maintain a sound growth,” Former Advisor to caretaker government AB Mirza Azizul Islam said the Textile Today.

He also urged the sector people to diversify products as well as markets to remain competitive in the global markets.

If anyone has any feedback or input regarding the published news, please contact: info@textiletoday.com.bd

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