Dhaka, Tuesday, 04 October 2022

October exports reach record-high $473 crores

October exports reach record-high $473 crores

Apparel Correspondent:A record amount of export earnings has reached the country in a single month after overcoming the inertia of the COVID-19 pandemic. In this way, the export sector is recovering by overcoming the bad situation at the beginning of the financial year. In October, $473 crores worth of goods were exported. Never before has so much export income reached the country in a month, which the exporters call record income in a single month.

Regarding the record high exports, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Mohammad Hatem said, it is the highest record of Bangladesh's export earnings. The overall export picture is based on the growth of readymade garment (RMG) exports.

“The global apparel market is booming. At the same time, the order of clothes in the country has also increased a lot,” he said.

According to Export Promotion Bureau (EPB), the growth in exports in October was much higher with export earnings up to more than 60 per cent compared to the same period of last year.

The previous month, September also saw a record export of goods worth $416.54 crores, a growth of 38 per cent. Export data released by the EPB shows that in October as a single month, the growth was 60.37 per cent over the same period last year. As a result, at the end of the first four months of the current financial year, the export income has increased by 22.62 per cent.

In the first month of the current fiscal year 2021-22, the export earnings were 11.37 per cent behind the previous year. In August, the single month growth was 10 per cent, but overall exports could not get out of the negative trend. In September, the export income went up by 11.37 per cent. And the growth index doubled in October.

Mohammad Hatem said that the recent 40 per cent rise in the price of yarn has played a significant role in the growth of RMG exports in Bangladesh. To coordinate with this, the price of clothes should also increase by at least 20 per cent. Although that amount has not increased, it has increased a bit.

Mentioning that China and Vietnam are in 'some danger', the business leader said some orders from there have started shifting to Bangladesh. If the government wants, it can use this opportunity with appropriate policy support to improve the export situation locally.

Never before in the history of Bangladesh has such a quantity of goods been exported in one month. Earlier, goods worth $416.54 crores were exported in September. In all, in the first four months (July-October) of the current fiscal year 2021-22, Bangladesh exported goods worth $1,575 crores.

In these four months, the exporters brought in 22.62 per cent more foreign exchange than the same period last year. Income has increased by 13.33 per cent more than the target. 'We are really happy and hope the export earnings will increase further in the coming days,” said Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Faruque Hassan.