Bangladesh fetched $25491.40 million from apparel exports in the immediate-past 2014-15 financial year, which is 8.13 percent higher than the income in the previous FY. Total income from apparel exports was $24491.88 million in FY 2013-14. The country has set a target of taking the apparel export up to $50 billion by the next five years (calendar year 2020). Meanwhile, the country’s annual export income grew by 3.35 percent in FY 15 over the FY 14. According to Export Promotion Bureau (EPB), export income in FY 15 stood at $31198.45 million, up from $30186.62 million in FY 14. Overall annual export and apparel export in FY 15, however, fell short of the fiscal target by 6.03 percent and 10.48 percent respectively. Exporters say the January-March (2015) political unrest caused the shortfall. Apparel industry has been the major contributor to the country’s export income. Bangladesh’s apparel industry is passing a transition from poor compliance to international standards through joint efforts with the government, ILO, international rights bodies and the world’s big retailer who buy product from here. The joint efforts were initiated to ensure quality of products and workplace safety at the garment factories following Rana Plaza collapse in April 2013. Since last couple of years, two major platforms of buyers – Accord and Alliance—are working to improve factory standards by upgrading the compliance standards. With these endeavors, the country is hoping boost apparel export further. In the FY 15, income from Knitwear export stood $12426.79 million while that of woven items stood at $13064.61 million. EPB data shows that the growths in knit and woven exports were 3.13 percent and 5 percent higher respectively than FY 14. In the FY 14, the income from knitwear and woven was $12049.81 million and $12442.07 million respectively.Home textile, which is excluded of apparel exports, fetched $804.34 million in FY 15, posting a growth of 1.49 percent over the previous FY. The minor sector’s annual export income in FY 14 was $792.53 million. Meanwhile, export of jute and jute goods surpassed the fiscal target. The sector fetched $868.53 million against the target of $835.35 million. In FY 14, income from this sector was $ 824.49 million. However, Agricultural products and frozen food exports entered negative arena in FY 15. Frozen foods export declined by 10.99 percent and agricultural products export declined by 4.72 percent in FY 15 than in FY 14.
