Export earnings reached an impressive $29.55 billion in the first 7 months of the current fiscal (2021-22) from July to January indicating that a strong economic recovery is taking place in countries of Bangladesh’s main export destinations.
This is going to be a record-breaking year for business recovery in the west.
Out of total export income, 81.17 percent or $ 24 billion comes from the garments and textile sector as per data presented by Bangladesh Export Promotion Bureau. (EPB)
It showed despite the slowdown in the economic activities at the beginning of FY 2021-22 due to the surging Covid-19 infection rate, the entrepreneurs were able to earn a record volume of foreign currency in the last 7 months by exporting goods.
Export earnings increased in January this year after a slowdown in November-December last year. This growth has been based on mainly garment exports, EPB said.
Among two sub-sectors of the garment industry- woven and knit, the latter have contributed more. A few years ago, foreign exchange earnings were more from the export of woven garments than from knit. However, since the beginning of the Coronavirus pandemic, the knit has risen, leaving behind woven.
In the first 7 months of FY 22, knit garment exports amounted to $ 13.27 billion which is 32.89 percent compared with the same period of last year. On the other hand, the export of woven garments was $10.71 billion, which is a 27.23 percent growth compared with the previous year.
At the same time, home textile exports stood at $830 million, up 30 percent from the same period last year. During July-January, 55.34 percent of the income from garment exports came from knit garments.
For the current fiscal, the government has set a target of $51 billion in export earnings from goods and services, including $35.14 billion from garment exports.
