Bangladesh’s export earnings posted a nearly 9% growth to $22.12bn in the first eight months of the current fiscal year, according to Export Promotion Bureau data. The provisional data showed that in the months from July the country earned $22.12bn from exports, which was 8.92% higher compared to $20.03bn a year ago. Readymade garment sector, the major industry, was able to fetch $18.13bn during the period, making a 9.52% increase from $16.55bn one year earlier. The woven sector exported products to receive $9.48bn and the knitwear products to get $8.64bn. The data said in February the exports registered a 13.60% growth to $2.85bn from $2.51bn in the same month last year. The figure exceeded the target by 4.90%. The target was set at $2.72bn for the month. In February, the apparel exports increased by 12.29%. “The supply to the destination countries as per orders helped the country achieve the export growth,” said Shahidullah Azim, former BGMEA vice president, told the Dhaka Tribune. He said the production capacity of the manufacturers had been increased while there were ample work orders from the retailers. “However, the unit price fell which is a matter of concerns for the sector,” Azim said. According to him, the apparel sector needed an 11% growth to reach $50bn export target by 2021. “We are going that way with 11.29% growth. If the trend continues, it is possible to reach the 2021 export target.” The industry insiders said improvement of safety standards in the RMG sector and peaceful political situation and new markets were contributing to getting higher number of work orders from retailers. “The inspection findings were good, that is beyond the expectation of the retailers and rights group,” said Abdus Salam Murshedy, president of Exporters Association of Bangladesh. “All these things have built a positive image [of the industry]. So the buyers now have more confidence on the Bangladeshi RMG industry’s environment.” He stressed the need to complete remaining task of compliance in the industry so the image so far built could be saved.
