Readymade garment (RMG) exports from Bangladesh showed a steady growth of 9.24 per cent year-on-year during the first half of the current fiscal 2015-16, according to the government data.
In July-December 2015, Bangladesh earned $13.135 billion in garment exports, compared to exports of $12.024 billion in the corresponding months of the previous fiscal, Export Promotion Bureau data showed.
The increase in the value of garment exports was greater than the 7.84 per cent growth shown in overall exports by Bangladesh during the six-month period.
Category-wise, knitwear exports rose 6.11 per cent to $6.432 billion in the first six months of fiscal 2015-16, as against exports of $6.061 billion during the same months of the previous fiscal, as per the data.
Likewise, exports of woven apparel increased by 12.42 per cent to $6.703 billion during the half year, compared to exports of $5.962 billion during July-December 2014.
Woven and knitted apparel and clothing accessories' exports together accounted for more than 81 per cent of $16.084 billion worth of total exports made by Bangladesh during the period under review.
In the previous fiscal that ended on June 30, 2015, garment exports earned $25.491 billion for Bangladesh, showing an increase of 4.08 per cent over $24.491 billion exports made in 2013-14. Of this, knitwear accounted for $12.426 billion while woven apparel constituted $13.064 billion.
For fiscal 2015-16, garment manufacturers are hopeful of crossing the $27.371 billion export target due to the increase in confidence among global retailers on safety of garment factories in Bangladesh and also owing to shifting of business from China.
Bangladesh has also been able to increase its garment exports to some new destinations like Australia, Brazil, Chile, China, India, Japan, Mexico, Russia, South Africa, South Korea and Turkey, decreasing its dependency on traditional markets like the EU and the US. (RKS)
Fibre2Fashion News Desk – India