RMG export grew by 33.81pc to $ 31.42b in July-March
Published : Thursday, 21 April, 2022 at 12:00 AM Count : 493
The readymade garment exports grew by 33.81 per cent in the first eight months (July- March) of the current fiscal 2021-22, as per information released by Export Promotion Bureau (EPB) on Wednesday.
During the period, total RMG export stood at US$ 31.42 billion, up from US$ 23.48 billion in the same period of FY2020-21.
In this period, RMG export earnings from woven garment grew by 32.07 per cent (US$ 14.3 billion from US$ 10.83 billion in July- March FY 2020-21). At the same time, the knitwear export grew by 35.29 per cent to reach US$ 17.11 billion.
For the single month of March 2022, RMG export earning was US$ 3.93 billion, which was US$ 2.45 billion in March last year.
According to sources, exports are growing in Russia, India, Japan, Chile and all other traditional and non-traditional markets. Apart from the United States and Europe, garment exports to these countries are also on rise.
EPB sources said, as a single country, the largest market for Bangladesh garments is the United States. Exports to almost all European countries, including Spain, Poland, the United Kingdom, Germany and France, have increased significantly.
Faruque Hassan, President of Bangladesh Garment Manufacturer and Exporter Association (BGMEA) said these are inspiring news yet the industry is confronting many challenges as we all know.
Moreover, the ongoing Russia-Ukraine conflict is increased cotton price and the prevailing energy situation is becoming further complicated.
He said Europe is likely to face yet another economic slowdown, which is still suffering from the damages caused by the pandemic. So, we must be more watchful about the situation, while we need to focus more on improving industries efficiency, modernize factories and develop skills.
Commerce Minister Tipu Munshi said "The industry has taken various initiatives to increase exports of garments and other products to non-traditional supported by extra cash assistance. Now the results are available. We hope this positive trend will continue."
"But we can't export any goods directly to Russia," he said. It has to be exported through third countries. The good news is that we have exported well. But the economic sanction in the wake of Ukraine war is poised to complicate the situation.
The Commerce Minister said that there is a good demand for various Bangladesh products in Russian market including garments. Complications have developed due to war. Now we have to wait. Once the cloud of war will go it will be possible to export more Bangladeshi products to the Russian market.
Mohammad Hatem, executive president of BKMEA, an association of owners of the knitwear industry said, "We will now come up with new strategies to further increase our exports to these markets.
"We have one fear the impact of war after covid-19 and omicron. We are determined to handle the situation diligently.