Bangladesh apparel exports to global markets have seen a 12.59% rise to $28.50 billion in the first ten months from July to April 2019 compared to the year earlier, new EPB figures show.
According to the Export Promotion Bureau (EPB) provisional data, in July-April of FY19 readymade garment sector earned $28.49 billion, up by 12.59% from $25.30 billion during the same period of the previous fiscal year.
Of the total export earnings by the apparel sector, knitwear products earned $14.08 billion, which is 12.32% higher than the $12.54 billion earned during the same period of FY2017-18.
Woven products earned $14.40 billion, up by 12.85% from $12.76 billion during the same period of the previous fiscal year.
The specialized textile sector saw a 36% growth to $125 million from $92, while home textile products saw a negative growth of 3.74% to $723.60 million, down from $752.67 million.
The industry experts have been attributing this growth to improved working conditions in country’s garment factories. Moreover, after the elections, there is political stability in the country, which is also working in country’s favour.
Elaborating on the same, Faisal Samad, Senior Vice-President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), expressed “Indeed things are bright for the industry, but one cannot rest assured as the sector is facing tough competition due to increase in wages and production cost. BGMEA is definitely working to create more areas of growth.”