Export earnings from readymade garment sector crossed US$8 billion in last three months despite coronavirus pandemic, ushering a fresh prospect for the country’s financial sector. Besides growth, export earnings are also exceeding the target.
According to the updated report of the Export Promotion Bureau (EPB), the country's main export earner readymade garment (RMG) industry exports have increased by 2.9 percent from July to September. The export level is more than the target. Besides, the growth has been increased 0.85 percent in last three months.
At the end of September in FY 2020-21, exports exceeded the target by 2.45 percent and revenue increased by 2.58 percent over the same period of last fiscal, EPB report added.
According to industry insiders, the outbreak of the deadly coronavirus has led to a nationwide lockdown. At the beginning of the year, the whole world economy became paralyzed. Business came to a standstill. The economy was suffering due to huge losses in all businesses. The country's exports were also directly affected. Now the situation is improving. Business has begun to move on. Export orders have started to return to the normalcy as the lockdown has lifted. The exporters are trying to overcome the initial losses of the pandemic.
According to the EPB, the target for the first three months of the new fiscal (July-September) was US$ 866 million ($8.66 billion). In contrast, the income has been US$ 889.68 million or ($8.69 billion). At the same time last year, the export income was 875 million dollars.
In a single month, Bangladesh exported goods worth US$ 301.88 billion in September, which is 3.53 percent higher compared to September last year.
This month, the income has increased by 5.92 percent more than the target. The target for September was US$ 285 million. In September last year, the income was US$ 291.58 million.
Due to the outbreak of coronavirus, the exports of this sector started declining from last March, and in April, there was a terrible collapse in the export of readymade garment products. It continued in May. The garment sector has been trying to turn around since June. Its reflection can be seen in last three months.
