RMG export hits record growth

Knitwear exports maintained a steady growth year-on-year as the RMG products fetched a record US$3134.38 million in April taking the overall export volume in term of value to a positive trajectory.

Overall exports during July-April period of the current fiscal year 2020-21 (FY21) registered a 8.74 percent growth to $32072.73 million, which was $29493.84 million during the same period of FY20.  

Knitwear items registered a 15.34 percent growth year on year. During July-April period of the current fiscal year 2020-21 (FY21), the country earned $13, 995.95 million, which was $12,134.67 million in the same period of FY20, according to Export Promotion Bureau (EPB).

The shipment of knitwear products has been increasing as people are spending more time at homes amid Covid-19 pandemic, said apparel exporters.    

Although earnings from the woven, another major readymade garment export item, fell 2.71 per cent to $12 billion in April, export of the product has improved compared to that of the last month. In March this fiscal, woven export fell 10.83 percent to $12,149.17 million.    

Because of the pandemic, the demand for woven garment such as formal shirts and trousers fell in February and March but in April the export of woven products has been improved.

"Woven exports dropped by more than 10 per cent during most of the months in the last one year. April saw the lowest decline during the period, in an indication that the segment is rebounding with the gradual reopening of stores and offices in importing countries," said Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Faruque Hassan.

Hassan expressed his hope and said that overall export of apparel products would soon bounce back as the export to the US market was performing strongly.

"Consumption of garment items dropped by more than 10 percent over the last year due to big fall in the income as well as purchasing capacity of the people across the world amid Covid-19," said the BGMEA president.

"We are hopeful that the prices of RMG products may go up to some extent in the next few months because of higher prices of fabrics," he added.

Exports of leather and leather products soared 8.56 percent year on year to $760.92 million during the 10-month period. The country fetched $203 million from leather products exports and $461.72 million from footwear exports.

"Exports of leather products increased because of the payment of arrears by the international retailers and brands," said Leathergoods and Footwear Manufacturers & Exporters Association of Bangladesh president Md Saiful Islam.

Besides, he said that the leather had been performing well since last November and December as the demand has increased globally.