Garments are the largest source of export earnings in the country. Exports of ready-made garments to new markets outside the traditional markets have increased. In the first six months of the current fiscal year 2021-22 (July-December), the export of garments in the non-traditional markets has increased by 24.26%. During this period, the export of garments in the non-traditional market was worth about USD 306 crores (Tk 26,300 crore), compared to USD 246 crores and 19 lac (Tk 21,100 crore) in the same period of the previous fiscal year.
This information has come up in the updated statistics of the Export Promotion Bureau (EPB). Those concerned said that the CPVOD-19 situation improved in 2021. As economic activity increased, so did market demand. As a result, it has had a positive impact on garments exports in Bangladesh. Besides, cash incentives and duty-free market facilities have played a role in increasing exports. According to the EPB, in July-December of the current fiscal year, garments worth 52 crores and 94 lac dollars were exported to the Japanese market alone, compared to 44 crores and 51 lac dollars in the same period last year. In other words, exports to Japan increased by 18.93% compared to the same period last year. During this time, Russia imported garments worth 34 crores and 12 lac dollars from Bangladesh, which is 38.10% more than the previous year. Similarly, in the last six months, Bangladesh’s garments exports to the South American country of Chile have reached 8 crores and 17 lac dollars. Growth almost doubled. During this period, garments exports to the Indian market amounted to 36 crores and 59 lac dollars. At the same time last year, garments export revenue from India was 23 crores and 15 lac dollars.
In the span of a year, garments export earnings in India have increased by 58.07%. During this time, garments exports to Australia amounted to 39 crores and 88 lac dollars. During the same period of the last fiscal year, the amount was 36 crores and 45 lac dollars. As a result, garments exports in this non-traditional market have increased by 9.42% in one year. Garments exports to Mexico reached 12 crores and 30 lac dollars during the period under review. At the same time last year, the export income was 7 crores and 10 lac dollars. Over the year, the country’s export earnings increased by 68.38%.
According to the EPB, in the first six months of the current 2021-22 fiscal year, Bangladesh’s overall garments exports have increased by over 28%. During this period, garments worth 1 thousand 990 crore dollars were exported.
