The country’s export earnings from the US market rebounded strongly in the first quarter of current fiscal year growing by 15.75 per cent compared with that in the same period of last fiscal year due to progress in garment factory remediation work, said exporters. The earnings from India also witnessed a growth of 11.42 per cent year-on-year in Q1 because of huge rise in exports of jute and jute products despite disappointing figure of garment exports to the country. According to the EPB data, Bangladesh’s export earnings from the US market rose to $1,554.76 million in July-September of the current fiscal year 2015-2016 from that of $1,343.13 million in the same period of the last FY15. In the Q1 of FY15, earnings from the US market posted a negative growth of 8.42 per cent year-on-year as the earnings in July-September of FY14 were $1,466.64 million. The country’s exports in the US market rose in Q1 due mainly to increase in shipment of main export item, readymade garment. Garment exporters said the rise in US buyers’ confidence in Bangladesh garment sector because of progress in factory remediation work, the steadiness of value of the taka against the US dollar, relaxation of US visa processing and value addition by the Bangladesh garment makers helped increase in shipment of RMG products. In July-September of this year, apparel items export earnings from US market rose to $1,436.22 million, which was $1,250.22 million in the same months of last year. Garment leaders said that the export earnings in Q1 of FY15 was negative as an aftermath of the Rana Plaza collapse and subsequent initiative in repairing risky garment units in the country. Bangladesh Garment Manufacturers and Exporters Association senior vice-president Faruque Hassan on Thursday told New Age that the confidence of US buyers grew in the recent months because of progress in garment factory remediation work. ‘Besides, the US has recently eased visa process allowing mid-level garment officials of Bangladesh to visit their country. It is helping marketing of Bangladeshi products in US market,’ he said. He said that many of the RMG makers were also adding value to the products gaining better price in US market. Policy Research Institute executive director Ahsan H Mansur on Wednesday told New Age that export earnings from US market increased because of the recent strong economic activities in the US and progress of remediation work in Bangladesh garment factories. ‘Export earnings from US also experienced a better growth in the period as the growth in export to the market was negative in the last fiscal year,’ he said. The country’s export earnings from India rose to $160.40 million in July-September from $143.95 million in the same period of the last year riding on the huge export of jute and jute products. RMG exports to India, however, posted a growth of only 4.2 per cent in Q1 with an earning figure of $37.16 million against $35.65 million in Q1 of last fiscal year. Export earnings from jute and jute goods soared to $53.1 million in Q1 from $18.93 million in Q1 of last FY14. Faruque said export of RMG products did not increase as per their expectation as Bangladesh garment makers lost some competitiveness because of lower cotton price in India. ‘As India has surplus cotton with lower prices, pricing of their RMG products was better during the period,’ he said.
