The ready-made garment sector contributed $20.21 billion to Bangladesh’s total export earnings in the July-January period of the FY19.
Bangladesh ready-made garment (RMG) sector has earned $20.21 billion in the July-January period of the fiscal year 2018-19 up by 14.51% from $17.65 billion during the same period of the previous fiscal year.
The sector has exceeded the export target set for the period. The earnings from the sector were 7.65% higher than the target of $18.78 billion set for the period.
Of the total export earnings by the apparel sector, knitwear products earned $10.14 billion, which is 13.86% higher than the $8.90 billion earned during the same period of FY2017-18.
Woven products earned $10.07 billion, up by 15.18% from $8.75 billion during the same period of the previous fiscal year.
Calmness in the country’s political arena, the US-China trade war, and improvement in safety conditions in the ready-made garment factories were main reasons behind the increase of RMG export, opined economists and business leaders.
Former caretaker government adviser AB Mirza Azizul Islam said, “In the July-January period of the current fiscal year, Bangladesh’s business environment was calm despite the national election held in December last year.”
“Moreover, the US-China trade war was a blessing for Bangladeshi apparel makers,” the economist explained, adding that US retailers relocated its business from China to Bangladesh because of the trade war.
“However, Bangladesh has to be well-equipped to retain the work order flow for further growth,” he added.
On the other hand, the specialized textile sector saw a 41.11% growth to $84.03 million from $59.55, while home textile products saw a negative growth of 0.79% to $490 million from $494.09.
However, earnings from leather and leather goods witnessed an 11.71% negative growth to $626.42 million during the period from $709.51 million during the same period of FY2017-18.
Jute and jute goods, the third export earning sector, registered a 24.66% negative growth to $498.66 million, which was $661.86 million during the same period in the previous fiscal year.