Apparel manufacturers hope, the current growth in apparel exports will sustain for the next few months with new orders coming in despite the Omicron wave in Europe and the United States.
As per a Business Standard report, retailers in these two major destinations continue to witness high footfalls even in the post-Christmas lean period as consumers have kept on releasing pent-up demand for clothing. The retailers are also getting 6 per cent higher prices because of increasing freight costs.
In the first seven days of 2022, apparel shipments grew by 32 per cent to a little over $869 million year-on-year, according the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), citing data from the National Board of Revenue.
Receipts in 2021 and 2020 amounted to $659 million and $677 million respectively, according to Faruque Hassan, President, BGMEA
FazlulHoque, Former President, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), adds, the new variant of COVID-19 will not have any impact on exports until lockdowns and business shutdowns are enforced in export destinations."
The garment sector maintained around 28 per cent year-on-year export growth on average in the first six months of the current fiscal year. Data from the Export Promotion Bureau shows, RMG exports in December amounted to $4.04 billion while the half-yearly export in July-December of the current fiscal year reached $19.90 billion.
Hassan hopes, apparel exports are able to reach $7-$8 billion by the end of this fiscal year.