Bangladesh’s export earnings in major markets rebound
A file photo shows workers queuing before entering a ready-to-wear factory in Dhaka on August 1, 2021. Bangladesh’s export earnings in the first half (July-December) of the fiscal ongoing 2021-22 has seen robust growth in its major markets, including the US, Germany and the UK, as the recovering Western economy has created additional demand for ready-to-wear apparel -to-wear amid the pandemic. — New Age Photo
Bangladesh’s export earnings in the first half (July-December) of the current fiscal year 2021-22 have witnessed robust growth in its major markets, including the United States, Germany and the United Kingdom, while that the economic recovery of Western countries has created additional demand for ready-to-wear amid the pandemic.
Experts and exporters said Bangladesh’s exports have already surpassed the pre-pandemic level and the trend will continue in the coming months.
They said Bangladesh is profiting from the US-China trade war as a good number of Western buyers are shifting their sourcing destination from China.
Political instability in garment-producing countries Myanmar and Ethiopia has also created opportunities for Bangladesh to secure additional work orders, exporters said.
According to the Export Promotion Bureau, the country’s exports in July-December FY22 to the United States, Bangladesh’s main export destination, increased by 43.90% to $4.88 billion. , compared to $3.39 billion in the same period of FY21.
RMG’s export revenue to the United States in July-December of FY22 increased 45.91% to $4.23 billion from $2.9 billion in the same period of the previous year.
Bangladesh’s exports to Germany in the first half of FY22 increased by 20.92% to $3.54 billion from $2.93 billion in the same period of FY21 .
Garment exports to Germany, Bangladesh’s second-largest export destination, rose 21.20 percent to $3.33 billion, according to the data.
The country’s export earnings from UK, Bangladesh’s third largest export destination, in July-December FY22 increased by 18.98% to $2.30 billion from $1.93 billion in the same period of FY21.
Ready-to-wear apparel exports to the UK in the first half of FY22 increased 20.65% to $2.14 billion from $1.77 billion in the same period of the previous year.
Chairman of the Bangladesh Garment Manufacturers and Exporters Association, Faruque Hassan, said export earnings from the United States and the European Union will increase further as the value and volume of products increase in the destinations.
“Although we are a bit worried about the Omicron variant of the pandemic, we hope ready-to-wear apparel exports will hit a new high this fiscal year,” he said.
EPB data showed that Bangladesh’s exports to Spain in the first half of FY22 increased by 28.19% to $1.54 billion from $1.20 billion during of the same period of fiscal year 21.
Exports of ready-to-wear garments to the market increased by 30.78% or $1.45 billion during the period.
Bangladesh’s export earnings from France in July-December FY22 increased by 24.88% to $1.20 billion from $965.63 million in FY22. same period of fiscal year 21.
RMG’s exports to the country increased by 21.52% to $1.06 billion during the period.
The country’s exports to Canada in the first half of FY22 increased by 23.31% to $693.45 million from $562.35 million in the same period of the fiscal year 21.
Apparel exports to Canada rose 23.78% to $602.82 million in July-December FY22, according to EPB data.