After 7 months of negative growth, Bangladesh’s apparel exports made a significant turnaround this August registering a massive 44.63 per cent year-on-year (Y-o-Y) growth.
According to figures collated by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) from data provided by the National Board of Revenue (NBR), Bangladesh’s earnings from apparel exports in August (1-30) this year stood at US $ 3.24 billion, which in the corresponding period of August 2019, was US $ 2.24 billion.
Bangladesh’s apparel exports declined severely in the March-May period of 2020 witnessing a 54.79 per cent fall in apparel exports compared to the same period last year.
However, with the brands and retailers getting back to work and reinstatement of the cancelled orders by the global buyers, apparel exports made a turnaround of sorts in July by registering earnings of US $ 3.2 billion, which though 14.1 per cent more than the target set by the Commerce Ministry for July, was less than the earnings of US $ 3.3 billion of July last year.
Meanwhile, commenting on the apparel export growth, BGMEA President Dr. Rubana Huq reportedly told media that instead of Y-o-Y-based monthly figures, a 6-month average would be a better depiction of the existing scenario while adding that cotton trousers maintained the biggest share in terms of increase even if product categories in tops, made of MMF (man-made fibre), also witnessed good growth.
