RMG exporters witnessed growth in terms of both export volume and prices
Bangladesh’s apparel export witnessed about 30% growth to $35.57 billion in the calendar year 2021, while the earnings were $27.32 billion in 2020, according to exporters.
The sector registered the growth despite a series of lockdowns, Eid holiday-led factory closure, and hampered shipments due to the nationwide transport strikes against diesel price hikes.
In December 2021 alone, readymade garment shipment saw about 52% growth to $3.8 billion compared to the corresponding period in the previous year, say sources at the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
December apparel export earning was $2.5 billion in 2020 and $2.8 billion in 2019, according to the BGMEA.
The BGMEA came up with the calculation based on the National Board of Revenue data as the Export Promotion Bureau is yet to make the official announcement.
According to the bureau, apparel exports fell over 11% in July 2021 compared to the same month of the previous year. However, the sector has been enjoying an average of 34.40% growth since August as the global Covid situation started improving.
With the export volume cruising nicely even amid the Covid-19 new variant Omicron, readymade garment manufacturers expect better business performances in the upcoming months.
BGMEA President Faruque Hassan told The Business Standard that apparel export has been posing a higher growth for the past few months compared to the 2019-20 fiscal year, which saw Covid devastation across the globe.
He also said apparel-makers witnessed the growth in terms of both export volume and prices.
He hoped apparel export would be able to add another $7-8 billion by the end of this fiscal in June 2022, while Bangladesh earned $31.46 billion from the sector in the 2019-20 fiscal year.
