The exports of readymade garments from Bangladesh jumped by 17.72 percent to US$ 14.173 billion during the first seven months of the ongoing fiscal year 2013-14, compared to the $12.039 billion exports made during the corresponding period of the previous fiscal, latest data from the Export Promotion Bureau (EPB) showed.
Segment-wise, knitwear exports fetched $6.994 billion in July-January 2013-14 period, showing a rise of 18.13 percent over $5.92 billion earned during the same period last fiscal.
The exports of woven garments from Bangladesh recorded $7.178 billion during the seven-month period, registering an increase of 17.32 percent over export earnings of $6.118 billion in July-January 2012-13.
The 17.72 percent year-on-year growth in exports of apparel was higher than the 15.08 percent year-on-year rise observed in overall exports from Bangladesh during July-January 2013-14 period.
In fiscal year 2012-13 that ended on June 30, Bangladesh exported US$ 21.515 billion worth of knitted and woven garments, and the country has set an export target of US$ 24.147 billion for the current fiscal year, which would be an increase of 12.33 percent.
Compared to the 19.95 percent year-on-year growth in garment exports posted by Bangladesh during the first half of financial year 2013-14, the growth rate has decreased in January 2014. One of the reasons for this decrease is the implementation of the 76.66 percent rise in minimum wage for entry-level workers in the clothing industry since December 1, 2013.
With the presence of more than 5,000 garment factories that together employ nearly 4.2 million workers, Bangladesh is currently the second-largest garment exporter in the world, next only to China.
Fibre2fashion News Desk - India