Bangladesh’s exports were up 13.53 per cent year-on-year, helped by steady shipments of garment products. The amount, which beat the monthly target by 1.65 per cent, is lesser than the previous month’s by 6.94 per cent. Export earnings in the first eight months of the year increased by 7.39 per cent.
Garment receipts, which typically account to more than 80 per cent of export receipts, were up 16.59 per cent year-on-year but down 3.7 per cent month-on-month. Buyers have started placing higher volumes of work orders. The country’s apparel exports are rebounding because of western retailers’ regaining confidence in the Made in Bangladesh brand.
Nearly 90 per cent of the remediation works for ensuring structural, fire and electrical safety in the factories are done. As a result, the image of the sector has brightened. Besides, Bangladesh has the highest concentration of green factories in the world. Currently, 67 such factories are in operation and 280 are under construction. Such green initiatives have helped in winning back buyers’ confidence.
Moreover, Bangladeshi manufacturers have started to manufacture high-value garment items. Machinery upgrade is another reason for higher production and export of goods. Shipments to new destinations like Japan and South America have also increased.