With the improvement of the Covid-19 situation worldwide, the global apparel supply chain is also recovering fast. As a result, exports from Bangladesh are growing at a faster clip
Bangladesh’s income from the merchandise exports grew by almost 50 percent in April to $4.73 billion in comparison to the same period last year, maintaining the monthly streak of over $4 billion of exports over the last eight months. Despite the gloomy global outlook, the country’s exports are growing due to growing demand in western markets.
Despite the supply-chain challenges, first by the pandemic and later by the conflict in Ukraine, the country’s export growth was sustained, mainly by home textiles, and footwear, according to official data reported by The Daily Star.
Since September last year, Dhaka has seen stellar export earnings, posting over $4 billion for the first time in each month, and hitting an all-time high of $4.9 billion in December last year.
In the first ten months of the current fiscal year 22 [July-April], earnings grew by 35.14 percent to $43.34 billion in comparison to the same period last year, according to data from the Export Promotion Bureau (EPB). In the same period, apparel shipment, which roughly accounts for 85 percent of the total exports, grew by around 36 percent t0 $35.36 billion.
Leather and leather goods shipment also grew by 32.97 percent, recording earnings of $1.01 billion in the same duration. Frozen foods and live fish exports reached $463.62 million, growing by 17.45 percent. Agricultural products exporters, which grew by around 26 percent, reached $1.04 billion.
With the improvement of the Covid-19 situation worldwide, the global apparel supply chain is also recovering fast. As a result, exports from Bangladesh are growing at a faster clip.
Apparel exports from Bangladesh also benefited as many other competing producing countries suffer from higher production costs. In the last few months, the cost of production has gone up significantly in China, India, Pakistan, Vietnam, Sri Lanka, and Myanmar.