Home / Knowledge / News / Apparel/Garments / Apparel exports create new milestones in 2007-08
Apparel exports create new milestones in 2007-08
27
Aug '08
The Bangladesh textile and garment industry has been plagued by a lot of problems in the last one year. But this has not affected the sector which is blazing new trails and setting new milestones in its apparel shipments in the last fiscal year, in the midst of rising energy and raw material costs and an ever growing labour unrest in its garment factories.

The fiscal year 2007-08 saw Bangladesh textile and garment sector earning US $14.11 billion in export revenues, registering a growth of 15.87 percent compared to the previous year. The largest contribution, as always, came from the readymade garment (RMG) sector.

Garment exports from this small Asian country grew from $9.21 billion in the corresponding period of last year to touch a nadir of US $10.71 billion in the Bangladesh fiscal year July'07-June'08, to post a growth of an astounding 16.18 percent.

The Bangladesh garment sector has none other than the Chinese textile and garment industry to thank partly for the robust growth achieved in the last 12 months, and mainly due to the down trend witnessed by the Chinese textile juggernaut in the last few months.

Chinese goods which at one time were the most price competitive in the global market, have lost their edge, because of ever increasing costs of raw materials, appreciation of the RMB and rising energy and labour costs.

This in turn has helped garment exporters from other Asian countries like Bangladesh, India and Vietnam. Bangladesh is one of the few countries to have taken the maximum advantage from this situation.

While exports of woven garments grew from $4.65 billion in the previous July'06-June'07 fiscal to $5.16 billion in July'07-June'08 fiscal to register a growth of 11.0 percent, shipments of knit apparels on the other hand rose by an awesome 21.48 percent to touch $5.53 billion from $4.55 billion in the corresponding periods.

There is no doubt that the key driver in growth of garment exports has been the contribution of shipments of knit garments.

During the fiscal under consideration, exports have consistently recorded growth in each month of the year, except for three months. Exports grew from $691.98 million in July'07 to $1143.56 million in June'08 to register a growth of a remarkable 65.41 percent.

In comparison, shipments for the corresponding months of July'06 climbed from $904.89 million to just $961.24 million in June'07 to clock a growth rate of a marginal 6.30 percent.

Bangladesh garment exports have no doubt been fueled by the Chinese slowdown, but other global factors have also contributed to this above average growth rates.

The continuous appreciation of the Indian rupee in 2007, due to which exports of apparels and textiles from India had witnessed a slow down, in turn also helped exporters from Bangladesh to deliver such incredible results

The scorching growth rates achieved in the last fiscal has emboldened the garment sector to set ambitious export targets for the next few years. It has set a target of $25 billion to be achieved by 2010.


Must ReadView All

Textiles | On 21st Jul 2017

No shortage of cotton & yarn in country: Minister

There is no shortage of cotton and yarn in the country, and the...

Textiles | On 21st Jul 2017

CAI revises 2016-17 cotton crop to 337.25 lakh bales

Cotton Association of India (CAI) has upwardly revised cotton crop...

Textiles | On 21st Jul 2017

GST hits carpet industry, 5,000 units may shut down: CEPC

The handmade carpet industry has been affected badly following the...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X