In February 2024, home textile manufacturers exported goods worth amount US $ 84.61 million, a 9.9 per cent YoY increase over the same month than the previous fiscal year. During the same period last year, the country earned US $ 77 million from these export earnings, according to data published by the Export Promotion Bureau (EPB).
Exporters of home textiles from Bangladesh are feeling upbeat as the industry has rekindled a positive trend in the increase of exports year over year (YoY). The industry had not seen YoY growth in 18 months before this.
Since September 2022, the sector’s export earnings have grown negatively year over year.
The EPB data mentioned that home textiles export earnings posted an 18.44 per cent YoY negative growth to US $ 84.96 million in September 2022. Since then, the earnings had been declining every month.
Industry analysts have identified a few causes, stating that the war between Russia and Ukraine and the economic downturn were to blame for the sharp decline in export growth.
In addition, they have noted that Pakistan, one of Bangladesh’s main rivals, is benefiting from favorable currency exchange rates relative to Bangladesh.
Given the current state of affairs, home textile exports will continue to grow at a faster rate than in the previous six months, and sales on the international market are also steadily rising. Experts have also noted that orders from other markets are growing.
