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ADB forecasts 8% increase in manufactured products
14 Dec '05
1 min read
In its quarterly economic forecast, Asian Development Bank (ADB) output of medium and large manufacturing products for Bangladesh is set to rise by over 8 percent in July 2006.
The recent rise in imports of industrial raw materials, machinery and capital goods and general growth of industry operated by private entrepreneurs has been the reason for this.
However, ADB added that some moderation was expected in export-oriented manufacturing.
The output of food processing and beverage, textile, knitwear, furniture, paper and paper products, non-metallic products, basic metal production and pharmaceutical would gradually increased, it said.
During 2006, service segments are likely to be driven to higher growth by agricultural revival and robust development in manufacturing and imports, said ADB.
This labour-intensive industry of Bangladesh is expected to overcome the constraints of infrastructure and inadequate stock of local fabrics and remain competitive.
Though the MFA withdrawal has affected exports of woven garments, knitwear exports continuously record growth.
This growth is the result of knitwear sector's sound backward links through integrating growth of spinning units in proportion to expansion of country's stitching capacity and growing demand for yarn and fabric.
The recent rise in imports of industrial raw materials, machinery and capital goods and general growth of industry operated by private entrepreneurs has been the reason for this.
However, ADB added that some moderation was expected in export-oriented manufacturing.
The output of food processing and beverage, textile, knitwear, furniture, paper and paper products, non-metallic products, basic metal production and pharmaceutical would gradually increased, it said.
During 2006, service segments are likely to be driven to higher growth by agricultural revival and robust development in manufacturing and imports, said ADB.
This labour-intensive industry of Bangladesh is expected to overcome the constraints of infrastructure and inadequate stock of local fabrics and remain competitive.
Though the MFA withdrawal has affected exports of woven garments, knitwear exports continuously record growth.
This growth is the result of knitwear sector's sound backward links through integrating growth of spinning units in proportion to expansion of country's stitching capacity and growing demand for yarn and fabric.
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