Kazi Zahidul Hasan :
Bangladesh’s apparel exports rebounded in the first eight months of the current fiscal, logging over 8.0 percent growth compared with the correspondent period of the last fiscal.
Apparel exports, which account for over 80 percent of Bangladesh’s total export, saw a surprise contraction in the last fiscal when its growth plunged to 0.2 percent, the lowest in 15 years.
The value of readymade garments exported by Bangladesh during July-February period of this fiscal (2017-18) has already crossed US$ 20 billion mark compared with US$ 18.63 billion in the same period of last fiscal, according to a data released by the Export Promotion Bureau (EPB) on Thursday.
The increase in the value of apparel export can be attributed to recovery in global demands, especially from the European Union.
Cheered by the increase marked a significant turnaround after a big drop in exports in last fiscal, apparel exporters bet high hope to achieve this year’s export target.
“RMG exports have bounced back after a significant fall last year, making us optimistic to achieve this year’s export target,” BGMEA (Bangladesh Garment Manufacturers and Exporters Association) President M Siddiqur Rahman, told The New Nation yesterday.
Apparel export target has been fixed at US$ 30 billion for the current fiscal.
“Shipments are growing in line with the target. If the current trend maintains at the end of this fiscal, we will be able to archive the export target,” hoped Rahman.
He, however, said that export continues to grow, but it still remains well below the capacity of the industry.
“Exports grow steadily since the start of the RMG industry in late 70’s. With a 12 per cent annual export growth, the industry has already become the key driver of Bangladesh economy contributing to 13 per cent of GDP,” said Siddiqur Rahman.
He said the current level of growth does not match with the capacity of the industry, which usually achieve a double-digit growth.
“The export growth came down to a historic low last year pushing the industry to a potential threat. It seems to come out of the threat with recovery of the growth, ” he added.
The BGMEA leader identified shrinking global demand, devaluation of currencies of the major importing countries and eroding competitiveness of local apparel products as the reasons behind the fall in export growth.
During the July-February period of FY 18, Bangladesh fetched US$ 10.12 billion from exports of woven garments and US$ 10.13 billion from knitwear.
Bangladesh ranked the second largest apparel exporting country after China.
The value of Bangladesh’s garments export totaled at US$ 28.14 billion last year falling short by 7.34 per cent of the government target of $30.38 billion.
Bangladesh’s apparel exports rebounded in the first eight months of the current fiscal, logging over 8.0 percent growth compared with the correspondent period of the last fiscal.
Apparel exports, which account for over 80 percent of Bangladesh’s total export, saw a surprise contraction in the last fiscal when its growth plunged to 0.2 percent, the lowest in 15 years.
The value of readymade garments exported by Bangladesh during July-February period of this fiscal (2017-18) has already crossed US$ 20 billion mark compared with US$ 18.63 billion in the same period of last fiscal, according to a data released by the Export Promotion Bureau (EPB) on Thursday.
The increase in the value of apparel export can be attributed to recovery in global demands, especially from the European Union.
Cheered by the increase marked a significant turnaround after a big drop in exports in last fiscal, apparel exporters bet high hope to achieve this year’s export target.
“RMG exports have bounced back after a significant fall last year, making us optimistic to achieve this year’s export target,” BGMEA (Bangladesh Garment Manufacturers and Exporters Association) President M Siddiqur Rahman, told The New Nation yesterday.
Apparel export target has been fixed at US$ 30 billion for the current fiscal.
“Shipments are growing in line with the target. If the current trend maintains at the end of this fiscal, we will be able to archive the export target,” hoped Rahman.
He, however, said that export continues to grow, but it still remains well below the capacity of the industry.
“Exports grow steadily since the start of the RMG industry in late 70’s. With a 12 per cent annual export growth, the industry has already become the key driver of Bangladesh economy contributing to 13 per cent of GDP,” said Siddiqur Rahman.
He said the current level of growth does not match with the capacity of the industry, which usually achieve a double-digit growth.
“The export growth came down to a historic low last year pushing the industry to a potential threat. It seems to come out of the threat with recovery of the growth, ” he added.
The BGMEA leader identified shrinking global demand, devaluation of currencies of the major importing countries and eroding competitiveness of local apparel products as the reasons behind the fall in export growth.
During the July-February period of FY 18, Bangladesh fetched US$ 10.12 billion from exports of woven garments and US$ 10.13 billion from knitwear.
Bangladesh ranked the second largest apparel exporting country after China.
The value of Bangladesh’s garments export totaled at US$ 28.14 billion last year falling short by 7.34 per cent of the government target of $30.38 billion.
