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RMG strongly drives Bangladesh's exports to new heights
26
Nov '10
Bangladesh's Export Promotion Bureau (EPB) recently revealed that, driven by the inspiring performance of country's key readymade garment (RMG) export industry, its total export earnings remarkably grew by around 65 percent during the month of October, this year.

The country's total exports for October, the fourth month of current financial year which begun on July 1, 2010, stood at around 1.69 billion USD which is 273 million USD above the exports of the previous month, the EPB data revealed.

The country is believed to set new export records during first half of the current financial year as all the pointers indicate towards hefty growth in exports of key products like woven and knitwear garments, which depicted slow performance during last fiscal.

RMG exports of the country experienced a sharp fall during last fiscal on account of the global economic slump. Meanwhile, the country's overall export growth rate too slumped to 4.11 percent, as against the growth rate of last fiscal.

Garment exports comprise a major share of the country's overall exports, each year, and thus any drop in their performance is likely to lead to a decline in the country's overall exports.

Bangladesh's garment exports started strongly recovering since June 2010, as leading garment buyers have raised the quantum of their orders to Bangladesh, as Bangladesh offers these products at the cheapest rates, throughout the world.

As revealed by the EPB statistics, knitwear and garment exports registered a rise of over 38 percent during the July-October period to around 5.24 billion USD, while knitwear like T-shirts and woven items like jeans registered a growth of 37.97 and 39.45 percent.

Fibre2fashion News Desk-India

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