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Bangladesh: Q1 RMG exports to US, UK fall

Due to a lower demand for readymade garment (RMG) in US and UK, Bangladesh’s export earnings from the two countries fell in the first quarter of the current financial year (2016-17). Export earnings in the July-September period of FY16 from the US, the single largest export destination for Bangladesh, fell by 10 per cent to $1.40 billion from $1.55 billion in the same period of FY15, according to the Export Promotion Bureau data.

RMG export to the US in July-September FY16 fell by 12.04 per cent to $1.26 billion from $1.43 billion in the same period of FY15. Export to the UK, the third largest destination, declined by 2.47 per cent to $843.78 million in the first quarter of FY16 compared to $867.60 million in the same period of FY15. RMG export to the UK in the first quarter of FY16 decreased by 2.23 per cent to $780.52 million from $798.37 million in the same period of FY15.

Experts say shipment suspension during long holidays for Eid-ul-Fitr and Eid-ul-Azha, two biggest Muslim religious festivals, and a slump in demand for RMG products in US and UK markets resulted in the negative growth for the Bangladesh’s exports to the markets. A decreased number of shipments due to holidays for two Eid festivals and a five-day strike enforced by trailer operators at Chittagong Port were the major reasons for the negative growth in the UK market.

Export to Italy fell 0.45 per cent to $306.99 million in the July-September period of FY16 from $308.36 million in the same period of FY15. Export earnings from Japan increased by 3.75 per cent while earnings from France in the first quarter of the FY16 grew 5.64 per cent to $384.31 million. Export to China in the July-September period of FY16 grew by 25.72 per cent to $195.93 million.

 
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