The country’s export earnings from readymade garments (RMG) witnessed a healthy growth of 18.59 percent to $14.19 billion during the July-November period of 2018-2019 fiscal, according to Export Promotion Bureau (EPB) data.
Experts attributed the steady rise in RMG export earnings to good policy support on the part of the government coupled with strong dollar rate.
The exports also exceeded the fixed target by 11.09 percent during the period against the target of $12.77 billion. The RMG accounts for 83 percent of the total export earnings totalling $17.07 billion during the period.
On the other hand, the knitwear export stood at $7.3 billion during July-November in 2018, posting a 17 percent growth from $6.24 billion over the same period in 2017.
Export earnings from the woven rose by 20.33 percent to $6.88 billion in the last five months from $5.72 billion in the same period of the previous year.
Knitwear and woven export earnings crossed the target by 15.81 percent and 6.49 percent respectively. The figures were $6.3 billion (knitwear) and $6.46 billion (woven) correspondingly.
BGMEA president Siddiqur Rahman told Bangladesh Post, “The foreign buyers are now showing more trust in Bangladeshi products than the past as RMG sector has developed more in last five years after the ‘Rana Plaza’ accident.
He said, “To increase export earnings further from this sector, we have taken several initiatives, including construction of green industries.”
Besides, Bangladesh has been shifting towards making high-value products, which is generating interest among foreign buyers about ordering more from Bangladesh, he added.
“Now we are working to enhance new market by promoting our products in order to raise our export earnings,” Rahman said adding that “We want to establish own sample house for ensuring creative products to attract foreign buyers.”
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.