Dhaka, Monday, 21 October 2019

BD targets nearly 7pc growth in RMG export

BD targets nearly 7pc growth in RMG export

Special Correspondent: Bangladesh targets a 6.78 percent rise in readymade garment exports for fiscal 2018-19. Apparel occupies 83.79 percent of the total exports. The target for knitwear is a rise of 7.21 percent and woven growth target too is 7.21 percent.
Cash incentive for garment exporters has been hiked to 4.00 percent. With the higher cash incentives, garment exports to some new destinations like India, China, Japan and Australia are expected to grow a lot this year.
Bangladesh has had an impressive run in 2017-18 fiscal, making great strides in increasing garment exports. During the fiscal, apparel exporters marked a 8.76 percent gain on a year-to-year basis – which is indeed encouraging in a competitive market where prices of apparel are falling. ngladesh targets readymade garment exports worth $50 billion by 2021. Buyer confidence in Bangladesh improved due to improvement in safety standards. However, manufacturers want a business-friendly environment. They feel Bangladesh should focus on product diversification and go beyond the apparel sector and identify five sectors which would be able to earn over a billion dollars in the next five years.
Bangladesh’s export earnings from readymade garment sector in the last fiscal year grew 8.76 percent.