The country’s export earnings from the US market increased by 8.43 percent to $1.80 billion during July-September 2020 over that in the same period of the previous year.
This figure was $1.66 billion in the same period of 2019, according to Export Promotion Bureau data.
Market analysts said the export earnings have increased to the US market as the largest apparel market, the United States (US), has been recovering from the slowdown amid Covid-19.
A strong rebound of apparel sales to the US market also helped Bangladesh to hold a good position of total exports to stand at $9.90 billion during July-September, they added.
Economists said the country is providing the best quality products at the lowest price compared to China, India, Pakistan, and Turkey, which helped to get more export orders.
Export earnings from Germany, another major market for Bangladesh, also increased to $1.53 billion during July-September this year, up 3.54 percent from $1.48 billion in the same period of the previous year.
It was followed by Great Britain ($1.02 billion), Spain ($636 million), France ($480.22 million) and Italy ($359 million respectively.
Fazlul Haque, the former president of the Bangladesh Knitwear Manufacturers and Exporters Association, said, “We are getting a better response from buyers now amid Covid-19, it is good news for us.”
If this growth trend continues for the next three months, only then can we say the market is going to recover to make the business sustainable, he added.
However, the country’s export earnings increased by 2.58 percent to $9.89 billion during July-September in current fiscal year.
In the same period of the previous fiscal, this figure was $9.64 billion.
On the other hand, export earnings from the apparel sector, the largest contributor to overall exports, increased by 0.85 percent to $8.12 billion during the time from $8.05 billion in the same period of the previous fiscal.
The export earnings from Knitwear products increased by 7.04 percent to $4.46 billion during the time while export earnings from woven garments declined by 5.78 percent to $3.66 billion.