Bangladesh’s apparel exports continue to fare poorly after its export earnings suffered a dip in October, falling by 17.2 per cent year-on-year (Y-o-Y). And this after the country missed the export target by 11 per cent in the first quarter of 2019-20 fiscal year.
President of apex garment exporters’ body – Bangladesh Garment Manufacturers and Exporters Association – Dr. Rubana Huq described the situation as ‘very bad’.
As per Rubana, apparel exports, which grew by 36 per cent in 28 days in October last year, have experienced a 22 per cent slump in the same period this year. This has led her to call for a meeting between the Government and exporters in order to overcome the situation.
As per data, Bangladesh exported goods worth a little over US $ 3.07 billion last month, which is nearly 17.2 per cent less than the exports in the same month last year and around 12 per cent less than the target.
The exports until now this fiscal year (July-October) dropped 7 per cent Y-o-Y and missed the target by 11.21 per cent.
It may be mentioned here that the Government has set an export target of US $ 45.5 billion for 2019-20 fiscal year.