Bangladesh’s export earnings from India rose 142 per cent in the first quarter. Readymade garment exports to India grew 167 per cent. Western and Indian clothing brands have set up a good number of stores in India and raised procurement from Bangladesh.
Earnings from two major export destinations: the US and Germany, also registered sizable growth. Bangladesh’s exports to the US and Germany grew by 14.23 per cent and 14.53 per cent respectively in the quarter while export earnings from most European countries, except the UK, saw a growth of ten per cent.
The ongoing trade war between the US and China created additional demand for Bangladeshi apparel products in the US market contributing to higher growth. US buyers have started considering Bangladesh as an alternative sourcing destination beyond China.
Export earnings from Japan increased due to a surge in apparel exports by 49 per cent in July-September in the current fiscal year compared with that of the same period of the last fiscal year. Overall exports to Japan and China grew by 31.84 per cent and 24.54 per cent respectively. The growth in export earnings from Japan and China turned around in the period after experiencing frustrating performances in the last few months.