by Apparel Resources News-Desk
09-May-2019 | 2 mins read
Bangladesh witnessed a growth of 12.5 per cent in its apparel exports to touch US $ 28.4 billion for the July-April FY 19 period.
It is worth noting that the industry had generated a revenue of US $ 25.3 billion during the same period in the previous fiscal year.
This was confirmed by Export Promotion Bureau (EPB) provisional data released recently.
The knitwear products, of the total garment export earnings, earned US $ 14 billion – 12.3 per cent higher than US $ 12.5 billion generated from the previous fiscal year.
On the other hand, the woven products earned US $ 14.4 billion in the current fiscal year, which is a 12.8 per cent jump from what it was in the previous fiscal year (US $ 12.7 billion).
The specialised textile industry too witnessed a rise of 36 per cent, when it earned US $ 125 million in the current fiscal (it was US $ 92 million in the last fiscal).
The industry experts have been attributing this growth to improved working conditions in country’s garment factories. Moreover, after the elections, there is political stability in the country, which is also working in country’s favour.
Elaborating on the same, Faisal Samad, Senior Vice-President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said “Indeed things are bright for the industry, but one cannot rest assured as the sector is facing tough competition due to increase in wages and production cost. BGMEA is definitely working to create more areas of growth.”
Khondaker Golam Moazzem, Research Director, Centre for Policy Dialogue”, said “The double-digit growth is expected to be continued as the demand for Bangladeshi apparels would keep increasing owing to US-China trade war.
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