Government’s all round initiative in the fiscal sector led to the rapid growth of the country’s economy over the last three years. One of the significant reasons for our economic boost is the rise in export items even amidst the pandemic.
Major sectors have seen a sharp rise in export income, leading to balance of trade surplus. The garments industry which contributes to 80% of our export income has been somewhat stable because of garment shipment recovery.
However, the rise in shipment of knitwear and jute goods took our export earnings to a new level and contributed to our national economy by creating a whole new dimension as the country fetched $3076 million in March, which is a surge by 12.59% year on year. However, overall apparel export fell slightly 2.55 per cent year-on-year to $23487 million in the July-March period this fiscal.
Production of more diversified
apparel products can certainly
help boost the sector
Now to get this sector back on track, a holistic approach is needed to be taken by the government as stability in the apparel industry will spike our export earnings even more.
Consistent efforts from all concerned sides are needed to negotiate with international buyers and communities to refix prices of the garment items exported from Bangladesh. We know that the major export destinations are still in lockdown, which consequently kept the demand for the apparel items at a lower level.
Therefore, the government should increase the loan repayment period in the apparel businesses. Production of more diversified apparel products can certainly help boost the sector. Last but not least; the Central Bank should give deferment payment facilities to manufacturers so that they can run the business more efficiently during this crisis period.