Bangladesh: Coun­try records low­est RMG ex­ports growth in 15 years

Stitch World - - NEWS TRACK -

Ex­port earn­ings from Bangladesh’s gar­ment in­dus­try, which is its high­est for­eign cur­rency earner and also con­sid­ered a life­line of its econ­omy, re­flect a mea­gre growth rate in 2016-17 fis­cal year, the low­est in the last 15 years.

Bangladesh, the world’s sec­ond-largest ap­parel ex­porter, has recorded only 0.20 per cent growth, earn­ing US $ 28.15 bil­lion from gar­ment ex­ports in the pe­riod un­der re­view. How­ever, the over­all ex­port rev­enue of Bangladesh set­tled at US $ 34.83 bil­lion in FY 2016-17, up by 1.68 per­cent from US $ 34.25 bil­lion in the pre­vi­ous year.

Ac­cord­ing to pro­vi­sional data is­sued by Ex­port Pro­mo­tion Bureau ( EPB), of the to­tal rev­enue earned from gar­ment ex­ports, rev­enue from knitwear ex­ports stood at US $ 13.76 bil­lion, which is 3 per cent higher than

US $ 13.35 bil­lion in the same pe­riod a year ago. Rev­enue from ex­port of wo­ven prod­ucts fetched US $ 14.39 bil­lion, down by 2.35 per cent as com­pared to US $ 14.73 bil­lion in FY 2015-16.

In­dus­try ex­perts and gar­ment man­u­fac­tur­ers have cited av­er­age fall in prices of prod­ucts, de­creased buy­ing ca­pac­ity of the ex­port des­ti­na­tions, slug­gish global

’ The over­all ex­port rev­enue of Bangladesh set­tled at US $ 34.83 bil­lion in FY 2016-17, up by 1.68 per cent from US $ 34.25 bil­lion in the pre­vi­ous year.

econ­omy and re­me­di­a­tion of fac­to­ries as the main rea­sons be­hind the slow growth rate.

Speak­ing to StitchWorld, some gar­ment man­u­fac­tur­ers have also blamed lack of prod­uct di­ver­si­fi­ca­tion, sub­stan­dard in­fra­struc­ture and short­age of util­ity sup­plies for the lack­lus­tre growth of the Bangladesh ap­parel in­dus­try which aims to in­crease an­nual ex­port earn­ings to US $ 50 bil­lion by the year 2021.

Bangladesh RMG sec­tor has recorded only 0.20 per cent growth in FY’16-17

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