Exports of ready-made garments reached $3.29 billion in April 2024 which was $3.33 billion during the same period in the previous year. As a result, export earnings growth contracted to 1.01 percent in April.
In the previous month at the end of March, the export of ready-made garments in the month of July-March was 5.53 percent. At the end of April, in the July-March, that growth has come down to 4.97 percent. The country’s total exports also fell from 4.39 percent to 3.93 percent.
As ready-made garments account for 85% of the total export earnings, a decrease in ready-made garments exports will cause a shock to the growth of total export earnings.
In this regard, the director of ready-made clothing manufacturers and exporters association (BGMEA). Mohiuddin Rubel said, due to the Eid holiday in April, working days were less. This is one of the reasons for the drop in exports in April.
According to him, the global economy has not been good for a long time. After the Corona epidemic, the Russia-Ukraine war, the unrest in the Red Sea has increased again. As a result, instability in the world economy continues.
The target of exports of ready-made garments in the current financial year is $52.27 billion. And the July-April 10 month strategic target is $42.97 billion.
During the period, exports were $40.49 billion i.e. $2.48 billion or 5.77 percent below the export target in the 10 months to April. An additional $2.50 billion worth of ready-made garments will have to be exported this year to meet the target.
