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Euro rebound helps Bangladesh

Bangladesh’s readymade garment exports achieved a substantial growth in all its major export destinations including the European Union, the US and Canada in the first two months (July and August) of the current fiscal year 2017-18.

Germany has outstripped the US to become Bangladesh’s biggest apparel export destination in the last two months. Bangladesh’s exports to Germany grew by 9.72 per cent.

Earnings from readymade garment exports to the US market in the first two months grew by 9.62 per cent. Apparel exports to the UK, the third largest export destination for Bangladesh, rose 29.38 per cent during the period.

Bangladesh is enjoying the benefits of the recent rebound of the euro against the dollar. Despite a declining trend in apparel product prices on the global market, volumes of exports have increased in the major markets. Remediation work in the country's garment sector also has helped in bringing back buyers' confidence.

Export earnings, however, from Asian countries including China, Japan and India declined. Readymade garment export earnings from China in the July-August period fell by 6.80 per cent.

Though the Chinese market is a promising one for Bangladesh’s apparel industry, it has been failing to gain market share there due to lack of competitiveness. Vietnam is, however, gaining a market share in China rapidly.