Bangladesh’s exports to Germany is higher than that of US market in Jul-Feb.
March 27, 2018
Germany, the second largest export destination for Bangladeshi apparel after the United States, recently has once again emerged as Bangladesh’s largest export market in July-February of the current fiscal 2017-18 due to negative growth in readymade garments export to US market.
According to Export Promotion Bureau (EPB), export earnings from Germany in the July-February period of FY2017-18 stood at $3.92 billion, which is $23.22 million higher than earnings from the US $3.90 billion in the same period.
Data of EPB showed that earlier, Germany had overtaken the US for the first time as Bangladesh’s largest export market for the July-November period of 2016-17 fiscal and then the US regained its position as the country’s largest export destination
EPB data showed, at the end of 2016-17 fiscal, export earnings from the US stood at $5.84 billion while the earnings from Germany were $5.47 billion. Earnings from Germany in exporting RMG in the first eight months of the FY 2017-18 were $3.70 billion, which is $216.73 million higher than the earnings from the US $3.48 billion in the same period.
Experts and exporters said that we should take moves to regain US market and the government should provide policy support considering the change in global perspectives.
According to the EPB data, export earnings from Canada in the eight months of FY 2017-18 grew by 8.64 percent to $737.27 million from $678.61 million in the same period of FY2016-17. Exports to China fell by 27.20 percent to $459.11 million from $630.66 million in the same period of FY2016-17. Export earnings from India grew by 13.60 percent to $531.97 million from $468.25 million in the same period of FY2016-17.
Mohammad Hatem, 1st Vice President of BKMEA, said, “Last two years our export in the US market is declined due to a lower price. As they are offering us a lower price so that we are taking more orders from other countries like Germany.”
Vidiya Amrit Khan, Director of Desh Garments Ltd, said, “Associations like BGMEA, BKMEA should do accurate research to know why the demand for garments from Bangladesh in America has fallen. That research can help us to solve those issues.”
From the UK, the third highest export destination for Bangladesh, in the July-February period of fiscal 2017-18 export increased by 17.66 percent to $2.70 billion from $2.29 billion in the same period of fiscal 2016-17.
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