Devaluating dollar brings business to local RMG exporters

01 Apr '08

2 min read

Devaluation of dollar is proving to be blissful for readymade garment (RMG) manufacturers and exporters of Bangladesh.

RMG manufacturers and exporters are planning to double their foreign revenues by the year 2010 since weakening dollar is forcing international buyers to switch their orders from China and India to Bangladesh.

Currencies of China and India have appreciated strongly against US dollar and as a consequence Bangladesh stands on the receiving end getting more order than ever before.

Bangladesh Garment Manufacturer and Exporters Association (BGMEA) predicts that the annual exports will nearly double to touch US $18 billion by 2010. In the period 2006-07, RMG exports earned $9.3 billion from total revenue of $12.18 billion.

Additionally, export earnings from the knitwear section during July to December period of 2007-08 saw a significant growth of 39.26 percent compared to the previous year. On the other hand the RMG sub-section in the first half of 2007-08 received around Tk17,504.56 crore against around Tk16,306.88 crore in 2006-07.

Export earnings from woven garments also surged by 35.70 percent in a year's time recording almost Tk15,916.98 crore in July to December period of 2007-08 as against Tk16,31.86 crore in the same period of 2006-07.

BGMEA head also expressed confidence about the figures touching $11 billion by the end of this current financial year 2007-08.

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