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Bangladesh apparel exports reach US $ 2.52bn in Nov 2017

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Bangladesh’s apparel exports picked up from the slump and slowdown it experienced in the recent past and swung back in high gear in November 2017.

Apparel exports, which contribute over 82 per cent to the total combined exports from Bangladesh, fetched US $ 2.52 billion during the reporting month, up from US $ 2.29 billion in October 2017, the latest data provided by Bangladesh Export Promotion Bureau shows.

Notably, the knitwear segment fetched US $ 1.24 billion and was significantly higher than woven garments at US $ 1.05 billion in October 2017.

In November 2017, knitwear exports stood at US $ 1.266 billion (approx.).

On the year on year (Y-o-Y) basis, the November month reported a 7.46 per cent increase in exports over the same period in 2016.

Further, the exports surpassed the July-November strategic target of US $ 11.62 billion dollars by 2.87 per cent. The buoyant exports pushed the earnings to US $ 11.96 billion.

In September, exports slumped significantly on the stretch of holidays and slowdown in exports of apparels which stood at US $ 1.62 billion (combined output of the knitwear and woven garment sectors).

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Vice President Mahmud Hasan Khan told Apparel Resources that the apparel manufacturers want an even more aggressive approach to export and reach a growth rate of 10 per cent on a point-to-point basis.

Further, BGMEA President Siddiqur Rahman hopes that the rise will continue in the coming months as well.

According to the export data issued, the total exports in November stood at US $ 3.05 billion, up by 6.63 per cent over the targeted margin of US $ 2.86 billion. On the year on year basis, November 2017 witnessed 6.2 per cent more exports compared to that of 2016.