The growth rate in the first half of FY2021-22 has indeed surpassed the strategic growth target set for the fiscal year by more than 15.0 percent.Īs expected, the high growth of exports was, for the most part, anchored in the most-impressive growth of earnings by the export-oriented ready-made garments (RMG) sector of the country. While the low base effect of FY2020-21 ought to be kept in mind, the robust export performance in FY2021-22 is no doubt very encouraging.Īlso, to note, exports have picked up and experienced sustained momentum particularly during the more recent months (the September-December period of 2021). To compare, export growth in the first half of FY2020-21 over the corresponding period of FY2019-20 had been a negative (-) 0.4 percent. Exports have posted an increase of 28.4 percent in this period compared to the corresponding period of FY2020-21 (when total export stood at about USD 19.2 billion). It is indeed encouraging to note that the export sector of Bangladesh has rebounded in recent months, and earnings from exports (equivalent to about USD 24.69 billion) have registered highly impressive growth during the first half (July-December) of the 2021-22 fiscal year. SM Rashidul Islam, general secretary of the ERF, moderated the dialogue, which was chaired by M Shafiqul Alam, acting president of the association.Originally posted in The Daily Star on 30 January 2022 "The studies are aimed mainly at finding out the potential markets and how to shift the production base to high-end garment items and technical clothing items," Hassan added. The BGMEA is carrying out three studies on technical garment products, fibre diversification and the post-Covid-19 roadmap to lift the industry to the next league. Hassan, however, could not say immediately how many factories were closed and workers lost jobs. Despite the major strides made by the garment sector in Bangladesh in recent years, both the number of workers and active factories have declined. The BGMEA chief stated that there were some issues related to the National Board of Revenue, the customs department and the port that should be resolved through discussions for maintaining the current positive course of exports. The US suspended GSP for Bangladesh in June 2013, citing serious shortcomings in labour rights and workplace safety. Garment export from Bangladesh to the US is also rising.Īnd Hassan called on the US to reinstate the Generalised System of Preferences (GSP) as manufacturers had improved the workplace safety and compliance in sync with global standards and the conditions set by the American government. "The current trend of garment exports will continue up to April this year as we are booked with a huge quantity of orders," said Hassan. Entrepreneurs pumped Tk 5,970 crore in the new manufacturing plants. The spinning sector witnessed a major jump in investment last year as entrepreneurs set up 26 new mills to meet rising demand. Since the garment export is on the rise, a lot of investment will flow to the spinning, weaving, dyeing and other primary textile sectors in 2022, according to the entrepreneur. But India, China, and South Korea would soon follow suit, he said. In Asia, only Japan has turned into a $1-billion market for Bangladesh. And he is hopeful that shipment to a number of Asian markets, including India, China, South Korea, and Japan will surge in the near future as buyers are placing more orders. Only a few buyers have demanded deferred shipments for a handful of consignments for 10 to 15 days." The reason for Hassan's bullishness is some export destinations are increasingly becoming major buyers. "Garment exporters are not worried as no work order has been cancelled or suspended because of Omicron so far. The pandemic is far from over, and what is more, Omicron, the latest variant of Covid-19, is spreading fast across the world although it has not proved to be fatal like that of the Delta variant.īut the virus is sweeping across Europe and the US, the two main export destinations of Bangladesh and home to more than 80 per cent garment shipment from the country.
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