Bangladesh 8-month garment exports reach $18.4bn

March 18, 2017

Bangladesh exported garments worth around US$18.44bn in the first eight months of the current 2016-17 fiscal year, growing by around 2.8% on last year, new figures show.

Data released by the Export Promotion Bureau (EPB) this week shows Bangladesh exported goods worth over $22.83bn in the period from July to February. This is around 3.2% more than the previous year, but missed the government's target of 5.1% growth.

The country's ready-made garment sector contributed around 82% to total export earnings, growing nearly 3% on exports of $18.1bn last time. Again, however, it missed the government's target of 6% growth.

During the July-February period, Bangladesh exported leather and leather products worth $827.6m, the figures show.

Exports in Bangladesh's last full financial year, which ended in June 2016, hit a record $34.24bn, up 9.7% from the previous year, on the back of stronger garment sales. The country has set itself a target of target reaching $50bn in apparel exports by 2021.

As well as a recent clampdown on labor unrest in the Ashulia garment belt, however, Bangladesh's garment sector has been facing up to a number of challenges, namely uncertainty over Brexit, the new Trump-influenced global trade regime, and an INR60bn (US$900m) government incentive package to help India's textile sector.

At a recent summit in Dhaka, Dr Fahmida Khatun, a research director with Dhaka think-tank the Centre for Policy Dialogue (CPD), argued that overcoming such challenges requires shared responsibility.

She said entrepreneurs should continue to maintain compliance, buyers should offer better prices, while the government should provide better infrastructure and competitive interest and exchange rates.

 

Source: Just Style