1 (Xinhua) - Bangladesh bagged the second position again in the global apparel export market in 2021 after it was pushed back to the third position by Vietnam in 2020. The government should focus on these sectors, and provide appropriate policy support to retain their growth.DHAKA, Dec. Thousands of tonnes of finished jute goods are now stocked in warehouses.”Īhsan H Mansur said, “The dipping performance of the non-RMG sector is a cause for concern. Tulika Eco Chief Executive Officer Esrat Jahan Chowdhury said, “Orders from buyers have dropped by almost 40 per cent due to the economic crisis, and their price is not covering our production costs. They added that if the ongoing war and global economic and political crisis become prolonged, their performance will suffer further. But we have to boost our marketing and change the strategy.”Īnother two sectors with great potential – home textile and jute and jute goods – have failed to retain their growth since the first quarter of this FY, and their earnings dropped significantly because of the ongoing global economic crisis.ĮPB data show that the home textile industry earnings dropped by 25.73 per cent to $860 million and earnings from the jute and jute goods dipped by 21.23 per cent to $699 million in the first nine months of this FY.ĭiscussing the situation, industry insiders say they do not know when this difficult situation will be resolved. Md Ashikur Rahman Tuhin, Managing Director of TAD Group, who is also a trader of footwear items, said, “Footwear sector has a huge potential as buyers continue to shift from China. During the period, the sector earned $920 million, posting a 2.56 per cent year-on-year growth.Īmong this figure, leather items posted a 19.50 per cent year-on-year negative growth and earned $93 million, however, leather products export earnings rose by 20.77 per cent to $292 million and leather footwear sector earnings dropped by 0.88 per cent to $534 million. Industry insiders, however, expect that the order situation is likely to improve after this FY.ĮPB data show that the leather and leather goods industry, another major export segment, has been able to retain its growth in the first nine months of FY23, though the rate is sloth. We are focusing on non-traditional markets to recover from this situation.” But in terms of volume, our exports have decreased. But the apparel manufacturers are exporting high-values items.īangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan said, “This is why our export earnings are high. Industry insiders say due to the ongoing economic crisis, their orders have been severely impacted, and the high inflation has pushed up their production costs. Woven sector earnings decreased by 3.61 per cent to 1.81 billion.īesides, in the first three quarters of FY23, earnings from knitwear items rose by 11.78 per cent to $19.14 billion, while earnings from woven items rose by 12.63 per cent to $16.11 billion. Among this figure, the knitwear sector contributed $2.08 billion, posting a 1.32 per cent year-on-year growth. The EPB data shows that the apparel sector, which is the leading export segment for Bangladesh, failed to retain growth in March, but its earnings rose by 12.17 per cent to $35.25 billion in the first three quarters of FY23.ĭuring March, RMG industry earnings dropped by 1.04 per cent to $3.89 billion. “At end of this FY, the apparel sector’s contribution to total exports will be up to 86 per cent – 87 per cent.” He added, “I think that in terms of value, Bangladesh – especially the RMG sector – will be able to retain a slow growth this FY, but in terms of volume, our exports will decrease. Non-RMG sectors are in a vulnerable situation as well, and they failed to retain growth.” But it declined for two months in this FY. “Despite the global economic crisis, our readymade garment (RMG) sector performed well.
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