Bangladesh's exports reach record $5.7 billion in January

05 Feb '24

1 min read

Pic: Adobe Stock

Insights

Increase in apparel shipments help Bangladesh to surpass the previous record of $5.30 billion in exports, set in December last year.
Garment exporters link export resurgence with reduction in inflationary pressures in Europe and US.
BGMEA president says manufacturers ramped up production following restoration of normalcy, after new wage structure announced.

Bangladesh witnessed a robust resurgence in exports, with manufacturers shipping a remarkable $5.72 billion worth of goods this January, marking the highest monthly export figure to date.

The earlier record, set in December of the previous year, stood at $5.30 billion.

This is as per the Export Promotion Bureau (EPB) of Bangladesh.

An increase in apparel shipments — apparels make up 85 per cent of the nation’s total exports — is seen responsible for the substantial increase in export receipts, which went up by 11.45 per cent year-on-year.

Thanks to interventions by the European and US governments, there has been a reduction in the inflationary pressures in Europe and the US, which helped push Bangladesh’s apparel exports up, claimed industry insiders.

Meanwhile, speaking to media, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Faruque Hassan said the garment makers have ramped up production in January following the restoration of normalcy, particularly after the announcement of a new wage structure for apparel workers, which also contributed towards improving the country’s overall export performance.

Fibre2Fashion News Desk (DR)

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