The country’s export earnings from the United States (US) and European countries have registered a significant growth in the FY 2017–18 (July–June). This has marked a growth of around 8.76 per cent for apparel shipments.Export Promotion Bureau (EPB) data shows that exports to most European countries, such as the United Kingdom (UK), Spain, and Netherlands, have registered double-digit growth in the of FY 2017–18. The value of exports of readymade garments to Germany now stands at USD 5.58 billion as against USD 5.35 billion in export earnings from the US market.However, exports to China have dipped over this period.Mohammed Nasir, vice-president of the Bangladesh Garment Manufacturers’ and Exporters’ Association (BGMEA), explained the reason behind this growth.He said the remedial works of more than 95 per cent of factory buildings have been completed in keeping with the requirements set by Accord and Alliance, the platform of two western buyers.This has improved and ensured workplace safety, which has eventually earned the confidence of European buyers, he added. He also said that Bangladesh has pushed China to the second place in being the largest exporter of denim products to Europe. It now enjoys a 27 per cent market share in this sector, he added.Citing another reason, Nasir said: “Our currency have depreciated against the dollar.This could be another reason behind the continuous growth of exports to European countries. We’re now getting Generalised System of Preferences (GSP) facilities from European countries.This has been a major factor too.”“We’ve invested around USD 4 billion for ensuring workplace safety and occupational health,” he added.Woven products earned USD 15.42 billion, a year-on-year growth of 7.18 per cent, while the knitwear industry earned nearly USD 15.18 billion, posting a 10.40 per cent growth. “To increase the growth of the export of readymade garments to 10 per cent, we need to increase the efficiency of our ports,” noted Nasir.In FY 2017–18, Bangladesh earned USD 5.35 billion from the US—a growth of 2.84 per cent from the USD 5.20 billion earned during the same period last year (FY 2016/17).During the same time, Bangladesh earned USD 3.72 billion from the UK, marking a whopping 12.60 per cent growth from the USD 3.30 billion earned throughout the same period last year.Golam Moazzem, research director of the Centre for Policy Dialogue (CPD), told The Independent: “Our export earnings have increased in the European market due to three reasons: stronger European economy, the taka depreciating against all foreign currencies, and duty-free access to the European market.”“China has started to move out of the low-end readymade garments market. We’ve to utilise this opportunity as early as possible,” he said.According to EPB data, Bangladesh earned USD 847 million from Japan in FY 2017–18, marking a 13.84 per cent growth from the earning of USD 744 million during the same period last year. “Exports to Japan have risen considerably because we export quality products, while Japan mostly imports a selected list of high-end products,” said Moazzem.EPB statistics show that Bangladesh has earned USD 392 million from China in this financial year, displaying no growth from last year’s earnings.So far, Bangladesh has fetched USD 2.27 billion in FY 2017–18 from Spain. This amounted to a growth of 21.18 per cent from the earning of USD 1.88 billion during the same period last year.Bangladesh also so far earned USD 963 million from Canada this financial year—a growth of 1.79 per cent from the USD 946 million earned during the same period in FY 2016–17.In FY 2017–18, Bangladesh earned USD 935 million from the Netherlands, marking a growth of 14.86 per cent from the USD 814 million earned during the same period last year.
