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Bangla's garment sector on growth mode

Feb '07
Bangladesh achieved striking growth in export of readymade garments and other textile products in 2006 as earning by the country's prime industrial sectors grew by more than $2 billion, to $9.2 billion last year.

Industry analysts observe that the confidence of global buyers in Bangladeshi suppliers is growing. The RMG sector increased its production capacity in the quota-free post-MFA regime, and the very competitive prices of Bangladeshi apparels ensured robust growth in export. A calculation in monthly exports' data, provided by the Export Promotion Bureau, shows that with $8,933 million earned by the RMG sector alone, export earning of all textile products in 12 months of the past calendar year was $9,185 million.

In 2006, Bangladesh earned $252 million by exporting other textile products: home textiles fetched $213 million and textile fabrics $39 million. Growth in these categories ranged between 10 and 80 per cent in the second half of the year. Earning of the RMG sector, which is responsible for more than three-fourth of the country's total export revenue, grew by nearly 30 per cent over the year.

In 2005, the first year in the post-Multi-Fibre Arrangement era, garment exports grew by 11 per cent to $6.89 billion. The EPB officially calculates export data in the fiscal year (July-June) format and it has a target of earning at least $9,496 million through RMG sector. The EPB's latest release on Monday said that earning by the RMG sector from July-December of the current fiscal year (2006-2007) reached $4,730 million, growing by 28 per cent over the same period of the previous fiscal year.

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