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Readymade garment export decline in Feb

Mar '07
Export of readymade garment (RMG) has declined by seven percent during February 2007 as compared to January 2007 mainly owing to high cost of production and vanishing demand of readymade products in the world market, exporters said on Friday.

Exporters said that local exporters had failed to acquire products on lower prices to meet the foreign buyers' demand due to inconsistently increasing cost of manufacturing of readymade items and export duties.

"We can not finalise export deals with the foreign buyers on competitive rates comparing to India and Bangladesh due to unpredictability of utility charges as they are briskly surged without any prior announcement and indication," they added.

According to official statistics, export of readymade garment during February 2007 remained at $99.503 million as compared to $106.590 million during January 2007, indicating a slump of $7.087 million.

However, export of readymade garment has registered an increase of 15 percent as compared to February 2006. During February 2007, garment export stood at $99.503 million as compared to $86.606 million during February 2006.

Moreover, export of readymade garment has also recorded an increase of 8 percent during July-February during the current financial year as it stood at $917,736 million as compared to $852.986 million during the same period of the last fiscal year, showing a surge of $64.75 million.

Exporters said that "Readymade garment industry was undergoing serious crisis and was gradually weakening toward almost collapse in the wake of quota abolishment in the European Market since 2005".

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