Bangladesh RMG exports up marginally in Q1 FY'15

14 Oct '14

2 min read

There was a marginal increase of 0.47 percent in exports of readymade garments (RMG) from Bangladesh in the first quarter of the ongoing financial year, compared to the corresponding period of previous year.

In July-September 2014, the value of garments exported by Bangladesh stood at US$ 6.233 billion, as against exports of apparel worth $6.203 billion during the first quarter of the previous fiscal year, according to the data released by the Export Promotion Bureau.

Category-wise, knitwear exports grew at 3.49 percent to $3.27 billion during the quarter, over exports of $3.16 billion during the corresponding quarter of the previous fiscal, the data showed.

The exports of woven apparel, on the other hand, declined by 2.66 percent to $2.962 billion, compared to exports of $3.043 billion in July-September 2013.

Woven and knitted apparel and clothing accessories exports together accounted for around 81 percent of $7.695 billion worth of total exports made by Bangladesh during the three-month period.

In fiscal year 2013-14, Bangladesh’s clothing exports surged by 13.83 percent to $24.491 billion, compared to exports of $21.515 billion made in the previous fiscal.

For fiscal year 2014-15, Bangladesh has set an export target of $13.215 billion for knitwear and $13.681 billion for woven garments.

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.

US, Germany and the UK are Bangladesh’s top export partners. The Bangladesh clothing industry has succeeded in remaining competitive in global markets, after the 77 percent increase in minimum wage for garment workers implemented in December 2013, which increased production costs. (RKS)

Fibre2fashion News Desk - India

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