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Knitwear exports exceed target to post a remarkable growth
Jul '08
Knitwear segment, which has so far remained as the largest contributor to the economy of Bangladesh has again posted a remarkable growth in the first 11 months of this just ended fiscal year 2007-08.

Sources informed Fibre2fashion that revenues procured this year exceeded the export target of US $4.899 billion and fetched $4.929 billion to register a 21.19 percent growth during July to May period this year over the corresponding period last year.

With every passing year, knitwear has proved to be the single largest export item of the country and together with woven products, accounts for about 75 percent of the export earnings.

Domestic industrialists have opined that weakening dollar, peaceful political environment and vigorous marketing strategies have gone a long way in helping exporters meet their targets and even exceed them in certain exceptional cases like this year.

Apart from a successful trade transaction with existing client markets, exploring new avenues like Poland, Russia, Uzbekistan and Turkey have also contributed to achieving an outstanding performance in the sector.

Additionally knitwear manufacturers are ensuring to adhere to every issue of quality requirement and customer preferences realizing that this is just about the only way to remain competitive in the global market.

Woven products also saw a substantial improvement in its exports since September last year. In July-May period, goods from this segment earned revenues amounting to US $4.63 billion, representing a climb of 10.62 percent compared to the corresponding period last year.

In the meanwhile, total export earnings of Bangladesh touched $12.64 billion in 2007-08 fiscal, posting a year-on-year growth of 15.33 percent. Contribution from textile fabric, raw jute and agro products among others was commendable.

However, woven garments, leather, footwear, home textile, terry towel, melamine tableware, leather bags and purses failed to achieve their export targets but still recorded a growth compared to the previous year. On the other hand, export of jute products, handicraft, and chemical fertilizers experienced an overall decline in the period under review.

Fibre2fashion News Desk - India

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