Bangladesh's knitwear and woven garment exports were able to sustain growth momentum during the initial five months of the current fiscal that began on July 1, even though the eurozone crisis has started affecting the Bangladeshi industries and exports of some of the sectors witnessed a fall due to declining orders from European nations.
Bangladesh's knitwear exports grew to US $4 billion during July-November period, registering a rise of 13.14 percent year-on-year, the Export Promotion Bureau statistics showed. Woven garment exports during the period grew to US $3.57 billion, registering a rise of 23.64 percent year-on-year.
However, the country's overall exports slumped by 18 percent to US$ 1.60 billion in November compared to previous month. Although this was 2.4 percent more when compared to November 2010, it failed to meet the monthly target by 16.95 percent.
Based on the latest data, the Commerce Ministry claimed that they have yet not missed on the export growth target and in spite of overall fall in exports, if the country's key sector continues to post positive export growth till close of the current fiscal, they would be able to achieve their export target for the year.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said the US and the EU, the two key markets which account for about 90 percent of Bangladesh's textile and apparel exports are hit by recession, and hence there is a slowdown in Bangladeshi exports to these countries. However, the discovery of new export markets like Latin America, South Africa and Japan by the domestic industry over past few years saved the country from further drop in exports.
Fibre2fashion News Desk - India
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