Bangladesh apparel exporters have reason to rejoice!
Despite all the problems they are facing on the ground and the uncertainties surrounding the US presidency election later this year, US import data for the month of August 2020 indicate that exports from Bangladesh have increased 20.10 per cent from August 2019 in volume terms.
Significantly, the value increase is also impressive at 15.65 per cent. In simple terms, Bangladesh has exported more this year in August than it did last year with noteworthy increase in values also.
While the industry believes that the increase in export figures is mainly because of the fact that finally a lot of the held-up orders have been shipped out, it cannot be denied that the direction is positive.
Strengthening this perspective is the fact that improvement in export values in August 2020 over the last month (July 2020) is a healthy 41.11 per cent, while volumes increased 34.80 per cent.
This year has been a test of both mental and financial strength of exporters. Many are still struggling to balance the matrix and get on, but for sure the retail markets in the west are looking at the country for renewal of business putting the past 6 months behind.
Fresh order bookings have been reported and most of the buyers have cleared their earlier payment dues and picked up stalled orders.
However, a note of caution is evident in the recovery of the US market. According to the latest figures, overall US imports in August 2020 as against the same month last year are still significantly down in volumes – (-)12.66 and values by (-) -22.26.
With the next wave of the pandemic gaining momentum, directions are still uncertain.
