Bangladesh’s ready-made garment exports achieved a substantial growth in all its major export destinations including the European Union, the US and Canada in the first two months (July and August) of the current fiscal year 2017-18.
A report published by Bangladesh Export Promotion Bureau (EPB) has announced the latest figures.
According to the EPB, Germany has outstripped the US to become Bangladesh’s biggest apparel export destination in the last two months. The export has grown by 9.72 per cent to US $ 992.39 million from US $ 904.4 million in the same period of FY 2016-17.
The export earnings, however, from the Asian countries including China, Japan and India declined in the reporting period.
Garment exporters and business experts maintained that the growth rate has been satisfactory so far and Bangladesh is enjoying benefits of the recent rebound of the Euro against the American dollar.
Though the Chinese market is a promising one for Bangladesh’s apparel industry, it has been failing to gain market share there due to lack of competitiveness. Vietnam is, however, gaining market share rapidly, they added.
RMG export earnings from China in July-August period of the FY 2017-18 fell by 6.80 per cent to US $ 62.38 million from US $ 66.94 million in the same period of FY 2016-17.
Meanwhile, earnings from the readymade garment export to the US market in the first two months of the FY 2017-18 grew by 9.62 per cent to US $ 990.81 million from US $ 903.89 million in the same period of the FY 2016-17.
Apparel export to the UK, the 3rd largest export destination for Bangladesh, rose to US $ 733.78 million from US $ 567.17 million with 29.38 per cent growth during the period.