There is good news coming from the ready-made garment (RMG) exports sector. It registered 14.51 per cent growth to $20.22 billion in 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 this period whereas earnings were $17.65 billion over the same period in the previous fiscal.
In this regard we must mention regular support being given by the present government towards developing the sector with pragmatic policy. It is also worth mentioning that 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 sources said that 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. Bangladesh is now in the top position among the top performing environment-friendly RMG industries across the world, therefore, we must rebuild buyers’ confidence to invest more in the RMG sector. However, experts feel that sector needs 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.
We hope BGMEA will be able to export RMG worth 50 billion by 2021 to set a new milestone.