Nearly 14pc growth registered by BD RMG sector in July

In the first 27 days of July, Bangladesh's apparel exports have raked in around US $ 2.78 billion, registering about 14 per cent year-on-year (Y-o-Y) growth even if the industry is bracing for around 30 per cent work order shortage in the months to come.
Reports claimed this citing BGMEA (Bangladesh Garment Manufacturers and Exporters Association), which reached at the calculation based on the data of the country's Export Promotion Bureau (EPB), which was yet to make an official announcement to this end, reports Apparel Resources.
As per BGMEA sources, the apparel sector enjoyed a whopping 1,128 per cent Y-o-Y growth in a single day during the period, while at the same time it witnessed zero export on 10 July, said the New Delhi-based apparel news portal.
However, considering the Bangladesh's major export destinations of United States and EU are now facing a 40-year-high inflation, industry people are, reportedly, apprehensive if the global economy does not recover soon, Bangladesh's apparel exports may fail to achieve the last fiscal year's record receipts amounting to US $ 42.2 billion even if the Government has set a target to earn US $ 46 billion through apparel exports in the current fiscal year.
Meanwhile the Bangladesh Textile Mills Association (BTMA) has called upon the  Government to make available 5 per cent cash incentive for export of non-cotton apparel items made with locally produced yarn and fabrics.As per reports, the BTMA has written to the country's Commerce Minister Tipu Munshi in this direction, said Apparel Resources.
It may be mentioned here that earlier the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) had written to the Commerce Ministry seeking 4 per cent additional cash incentive against export of apparel products made with non-cotton fabrics. However, the BTMA President feels if the Government provides cash incentive against the export of non-cotton apparels made using imported fabrics, it would be of little help to the industry as huge amount of foreign currency is spent for such imports.
Already reeling under power cuts, Bangladesh garment makers are now in for another big problem after gas crisis started to impact adversely the sector's production amidst claims by garment factories and leaders of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) and the Bangladesh Textile Mills Association (BTMA) of production going down by as much as 40-50 per cent due to fall in gas supply.
Reports maintained this citing the concerned stakeholders, as per whom, if the current situation persists, it will seriously affect Bangladesh's apparel and textile industry.
Meanwhile, speaking to media, Executive President of BKMEA Mohammad Hatem, reportedly, said the export-oriented knitwear sector's production had gone down to 50 per cent mainly due to the gas crisis while adding if the gas crisis continued, the export-oriented industries would face a grave threat.