Bangladesh expects apparel exports to grow in FY13

09 Jul '12

2 min read

The Government of Bangladesh has released its targets for apparel exports in the current fiscal year 2012-13 that began on July 1, 2012.

The Government has projected the country’s knitwear exports to increase at 11 percent year-on-year, while that of woven garments at 11.50 percent y-o-y, and that of jute and jute products at 9.62 percent y-o-y.

The overall export target for the current fiscal year has been fixed by the Bangladesh Government at US$ 28 billion, which would be a rise of 11 percent over the total export earnings in 2011-12.

During last fiscal that ended on June 30, 2012, Bangladesh’s total export earnings are expected to reach US$ 24.41 billion, growing at a rate of 6.50 percent year-on-year. However, it would be around 7-8 percent less than the earlier projected earnings of US$ 26.50 billion.

In fiscal 2009-10, when other SAARC countries such as Pakistan, Sri Lanka and India posted negative growth owing to global economic slump, Bangladesh’s exports grew by 4 percent year-on-year.

In 2010-11, Bangladesh registered huge 41.47percent growth in its exports, mainly driven by the readymade garment sector, which accounts for about 80 percent of the country’s overall exports.

Last fiscal, too, Bangladesh’s earnings from exports of knitwear, woven apparels and home textiles is believed to have grown over the previous year, but the final data is yet to be released.

The Government said the export target for the current fiscal was fixed after considering all aspects, including the current recessionary trends, the prevailing exchange rate, the national policies as outlined in the Budget, the intense competition in the global market, and the rising cost of production.

Fibre2fashion News Desk - India

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