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RMG export exceeds target

B1-anayet-JICAThe country’s readymade garment industry has exceeded its export target by 2.11% or US$1.45bn in the first 11 months of the current fiscal year despite having several disturbances throughout the year, partial thanks to the ongoing World Cup Football 2014 in Brazil.

In July-May of 2013-14 FY, Bangladesh earned $22.17bn against the government export target of $21.7bn for the period. Knitwear export earnings outperformed the set target by 4.87%, while woven shortly failed to reach the target by 0.43%.

Meanwhile, the RMG sector has achieved nearly 92% export target for the current fiscal year of the government-set target of $24.14bn in the first 11 months.

Industry people opined that the overall readymade garment export growth had been largely driven by the increasing demands for World Cup-related wear items.

According to Bangladesh Knitwear Manufactures and Exporters Association (BKMEA), Bangladesh exported sports items worth $1bn on the occasion of FIFA World Cup 2014.

Sports items especially jersey products partly helped Bangladesh to enhance its export earnings as the apparel makers got orders from the buyers on the occasion of the world cup, Abdus Salam Murshedy, president of Exporters Association of Bangladesh (EAB), told the Dhaka Tribune.

RMG sector people had earlier feared that the country’s export earnings from this sector would see a major setback following the Rana Plaza disaster, but the export earnings ruled out their fears.

Bangladesh’s exports of readymade garments soared up by 14.83% to $22.17bn during the first eleven months of the ongoing fiscal against $19.31bn for the corresponding period of the previous fiscal, according to data released by the Export Promotion Bureau (EPB).

Woven exports increased by 13.46% year-on-year to $11.25bn during July-May 2013-14 period, while knitwear exports soared by 16.28% to $10.91bn.

“All the credits should go to the entrepreneurs as they had maintained shipment at any cost even by using Airfreights, incurring losses in some cases, which, in fact, helped in enhancing the buyer’s overall confidence on the Bangladeshi entrepreneurs, said Salam, also former president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

He also urged the government to provide utility services on priority basis to the factory owners to retain the growth and to provide more jobs to the jobless workers.

In the previous years, RMG sector contributed 79% to 80% of the total export, which accounted to 81% of total $27.37bn during the eleven-month period beginning from July 1, 2013.

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Report: Ibrahim Hossain Ovi
Source: Dhaka Tribune

 

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