Clothing exports to EU set to cross $10bn mark in FY11'

13 May '11

2 min read

All attributable to the European Union's Generalised System of Preferences (GSP) facilities and addition of new markets, Bangladesh's exports, registered a year on year rise of 41 percent to grow to US $18.24 billion during the initial 10 months of current fiscal.

Export earnings for the corresponding period of last fiscal stood at $12.94 billion.

Overall exports have exceeded the set target by 23 percent. Exports for April 2011 skyrocketed by 45.63 percent, to touch $2.036 billion.

In view of the 10 months' performance, it is being anticipated that the country's total exports for the current fiscal, which has already surpassed the target of 2010-11 fiscal, would exceed $21 billion.

There has been a steady rise in exports over the past few months, which is a positive indicator for country's flourishing international trade.

The key revenue generating export segments like woven, knitwear, leather, jute, footwear and frozen fish are reflecting an upward trend since past few months, and this too has speeded up the overall development.

Owing to higher exports to new markets, apparel exports have surged considerably, while overseas buyers are also now shifting their focus to Bangladesh from China, the world's biggest apparel export market.

Besides, relaxation granted under GSP facilitie's new rules of origin, which became effective from January 1 this year, has also greatly boosted exports to the EU nations.

With EU's GSP facility, apparel shipments to the 27 EU-member nations bloc are expected to exceed $10.5 billion during current fiscal year.

Fibre2fashion News Desk - India

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