Bangladesh’s export earnings from major markets rebound

Category: General

Country: Bangladesh

A file photo shows workers standing in queues before entering a readymade garment factory in Dhaka on August 1, 2021. Bangladesh’s export earnings in the first half (July-December) of the current financial year 2021-22 witnessed a robust growth in its major markets, including the United States, Germany and the United Kingdom, as the recovery of the economics of western countries created additional demand for readymade garments amid the pandemic. — New Age photo

Staff Correspondent | Published: 22:01, Jan 15,2022

Bangladesh’s export earnings in the first half (July-December) of the current financial year 2021-22 witnessed a robust growth in its major markets, including the United States, Germany and the United Kingdom, as the recovery of the economics of western countries created additional demand for readymade garments amid the pandemic.

Experts and exporters said that already Bangladesh’s exports had exceeded the pre-pandemic level and the trend would continue in the coming months.

They said that Bangladesh was getting benefit of the US-China trade war as a good number of western buyers were shifting their sourcing destination from China.

Political instability in the garment producing countries Myanmar and Ethiopia also created opportunities for Bangladesh to grab additional work orders, exporters said.

According to the Export Promotion Bureau, the country’s export in July-December of FY22 to the US, the top export destination for Bangladesh, grew by 43.90 per cent to $4.88 billion from $3.39 billion in the same period of FY21.

Earnings in exporting RMG to the US in July-December of FY22 grew by 45.91 per cent to $4.23 billion from $2.9 billion in the same period of the previous fiscal.

Bangladesh’s export to Germany in the first half of FY22 grew by 20.92 per cent to $3.54 billion from $2.93 billion in the same period of FY21.

Apparel export to Germany, the second largest export destination for Bangladesh, increased by 21.20 per cent to $3.33 billion, the data showed.

The country’s export earnings from the UK, the third largest export destination for Bangladesh, in July-December of FY22 increased by 18.98 per cent to $2.30 billion from $1.93 billion in the same period of FY21.

Readymade garment export to the UK in the first half of FY22 grew by 20.65 per cent to $2.14 billion from $1.77 billion in the same period of the past fiscal year.

Bangladesh Garment Manufacturers and Exporters Association president Faruque Hassan said that export earnings from the US and the European Union would increase further as both the value and volume of products increased in the destinations.

‘Though we are little bit worried about the Omicron variant of pandemic, hopefully readymade garment exports will touch a new high in this fiscal,’ he said.

The EPB data showed that Bangladesh’s export to Spain in the first half of FY22 increased by 28.19 per cent to $1.54 billion from $1.20 billion in the same period of FY21.

Readymade garment export to the market grew by 30.78 per cent $1.45 billion in the period.

Bangladesh’s exports earnings from France in July-December period of FY22 increased by 24.88 per cent to $1.20 billion from $965.63 million in the same period of FY21.

RMG export to the country grew by 21.52 per cent to $1.06 billion in the period.

The country’s exports to Canada in the first half of FY22 increased by 23.31 per cent to $693.45 million from $562.35 million in the same period of FY21.

Apparel exports to Canada grew by 23.78 per cent to $602.82 million in July-December of FY 22, the EPB data showed.

Courtesy: https://www.newagebd.net/article/160053/bangladeshs-export-earnings-from-major-markets-rebound