The value addition in Bangladesh’s garment exports decreased in the first quarter of the current fiscal year. The value dropped due to the increase in prices of raw materials in the global market.
The United States, Germany, United Kingdom, Spain, France, Netherlands, Italy, Canada, and Belgium were the top destinations for Bangladesh’s readymade garment exports during the quarter. Bangladesh’s earnings from these nine countries accounted for 72 per cent of the country’s total readymade garment exports.However, export earnings from these nine countries decreased by nine percent as compared to that of the previous quarter but were 12 per cent higher than that of the corresponding quarter of the preceding fiscal year.
Moreover, the total export earnings of Bangladesh from the garment sector in the quarter outperformed that of the previous year’s corresponding quarter and the quarterly target. Bangladesh has undertaken a number of initiatives to ease the manufacture and export of readymade garments. Pre-shipment credit, incentives for export expansion, and incentives for export expansion are some significant actions made to increase production and export.
At the same time, Bangladesh should also put priority on the diversification of manmade fibers and global technical textile markets as they fetch higher profits than cotton items.