The country’s earnings from ready-made garment (RMG) exports witnessed a whopping 14.51 per cent growth to $20.22 billion during the July-January period of the current fiscal, according to Export Promotion Bureau (EPB) data.
The RMG accounted for 83.61 per cent of the total export earnings of $24.18 billion during the period.
The earnings were $17.65 billion over the same period in the previous fiscal.
Regular support from the part of the government is continuously pushing up the earnings, experts said. Besides, higher rates of sterling pound, US dollar and Euro also contributed to the steady rise, they said.
The exports also exceeded the $18.78 billion target set for the period by 7.65 percent.
On the other hand, the knitwear export stood at $10.14 billion during July-January in FY 2018-19, posting a 13.86 per cent growth from $8.9 billion over the same period of the previous fiscal year.
Export earnings from the woven fabric rose by 15.18 per cent to $10.07 billion in the last seven months in FY19 from $8.74 billion in the same period of the previous fiscal.
Knitwear and woven export earnings crossed the target by 9.29 per cent and 6.05 per cent respectively. The figures were $9.28 billion (knitwear) and $9.5 billion (woven) correspondingly.
BGMEA President Siddiqur Rahman said, “The readymade garments industry is witnessing a good progress over the time as the country is creating a good image across the world for running environment-friendly industry.”
He said Bangladesh is now in the top position among the top performing environment-friendly RMG industries across the world, thus rebuilding buyers’ confidence to invest more in the RMG sector.
Rahman said, “Now we are working to create new markets by promoting our products in order to raise export earnings.”
“We want to establish our own sample house for ensuring quality products to attract foreign buyers,” he added.
The BGMEA president said the country needs some fiscal support from the government, including reducing the timeframe to discharge export items from ports as well as improving communication systems which can help boost the export flow further.