Bangladesh’s earnings from readymade garments (RMG) exports increased to $2.51 billion in April 2021 from $375 million in April last year. As per Textile Today, apparel exports rose 6.24 per cent to $26 billion in the first 10 months of the current fiscal, compared to the same period of last fiscal. Knitwear exports grew 15.34 per cent to $13.99 billion, while woven garment exports declined 2.71 per cent to $12 billion, compared to the same period in FY20.

Faruque Hassan, President, BGMEA, expects exports to grow by September this year as apparel exports to the US have increased while imports have declined. Decline in global apparel consumption has resulted in sharp fall in prices though production costs have increased, he adds. Apparel makers are continuing production even at lower production cost with the hope that the business will bounce back in the coming days, says Hassan.

Asif Ibrahim, Director, BGMEA, says, although the increase in April seems higher, the growth in apparel exports is only 2.76 per cent as many orders have been diverted to Vietnam, Cambodia and Pakistan due to their competitive currency advantage.