The country’s export earnings from the United States posted 21.85 per cent growth in the first five months of the fiscal year 2018-2019 compared with the same period of FY18 due to shifting US orders of readymade garment products to Bangladesh amid US-China trade war.Although export earnings from most of the major markets posted relatively good growth, earnings from United Kingdom remained sluggish due to the ongoing tussle in UK over the possible Brexit deal with the European Union, exporters said. Export earnings from the US, the largest export destination for Bangladesh, in July-November of FY19 grew to $2.83 billion from $2.33 billion in the same period of FY 18, according to the Export Promotion Bureau data.Export of readymade garment products to the US increased by 21.34 per cent to $2.54 billion from $2.09 billion in the same period of FY 18.Export earnings from the United Kingdom in July-November of the current fiscal year grew by 4.31 per cent to $1.73 billion from $1.66 billion in the same period of FY18, data showed.RMG exports to the UK in the first five months of FY 19 increased by 2.55 per cent to $1.59 billion from $1.55 billion in the same period of FY 18.‘Bangladesh’s export to the US market increased in recent months due to the US-China trade war and at the same time the global demand of RMG started to increase slightly,’ Mohammad Hatem, senior vice president of Exporters Association of Bangladesh, told New Age on Saturday.
Overall export growth of Bangladesh in the global market was good but exporters were struggling in the US market in the last financial year, he said.‘Our export growth rebounded in the US market from the beginning of this financial year and now we are receiving increased volume of orders from North American buyers and brands,’ Hatem said.He also said that export growth to the UK witnessed a slowdown due to the impact of Brexit.Country’s readymade garment export to India witnessed a huge surge in the first five months of FY 19 due to the growing demand of western brands and retailers who have set up a good number of stores in India, exporters said. RMG export to India in the period grew by 165.78 per cent to $232.39 million from $87.43 million in the same period of FY 18. Country’s exports to India in July-November of FY 19 stood at $567.82 million with a 97.03 per cent growth compared with $288.20 million in the same period of last fiscal year.Western retailers, who have set up their stores in India, are meeting their growing demands with Bangladeshi RMG and at the same time some of the Bangladeshi RMG products are being re-exported to Southern African countries and Russia as India enjoys duty benefits to the markets, Hatem said.Along with India, Bangladesh’s export to two other Asian countries – China and Japan – achieved remarkable growth in the period. Export earnings from Japan in July-November of FY19 grew by 36.96 per cent to $576.58 million from $420.96 million in the same period of FY18.RMG exports to Japan in the first five months of FY19 increased by 53.33 per cent to $455.95 million from $297.36 million in the same period of FY 18, the data showed.Export earnings from China in July-November of FY19 grew by 36.20 per cent to $386.77 million from $283.96 million in the same period of FY18.RMG export to China in the first five months of FY 19 grew by 66.43 per cent to $221.66 million. EPB data showed that, Export earnings from Germany, the second highest export destination for Bangladesh, in July-November of FY19 grew by 12.90 per cent to $2.64 billion from $2.32 billion in the same period of FY18.RMG exports to the market in the period increased by 15.50 per cent to $2.50 billion.
