Bangladesh saw single-month exports grow a record 38 per cent, year on year, last September with overall US$4.16-billion income as apparel shipments rebound through pandemic recession.
Sources in business circles said as readymade garment (RMG) industry kept its wheels rolling, under special arrangements, even amid the coronavirus onslaught, the clothing exporters were happy to make substantial shipments with supply chains restored and a demand surge in the reopening western world.
The country had received $3.01 billion in total from merchandise shipments this very month (September) last year, according to data released Monday by the Export Promotion Bureau (EPB).
This past September earnings also overshot the target set for the month by 39.17 per cent.
September RMG exports fetched $3.41 billion, registering a 41.66-per cent growth over the receipts this month in 2020.
Besides, the country's overall merchandise exports during the first three months of the current fiscal year 2021-22 also marked a growth of 11.37 per cent to $11.02 billion.
The July-September earning in 2020-21 fiscal year-which fell into full flash of the pandemic-was US$9.89 billion. The overall export earnings also surpassed the set target by 5.65 per cent, according to EPB data.
Out of the total $11.02 billion worth of export income during the July-September period, the RMG sector fetched $9.05 billion, recording an 11.48-per cent growth compared to the corresponding period of last fiscal.
The country earned $8.12 billion from apparel exports in the corresponding period of FY'21. The sector's earnings also exceeded the set target by 7.48 per cent.
A breakdown of the clothing-sector performance shows that knitwear subsector of RMG earned $5.16 billion from exports, registering a growth of 15.69 per cent.
Earnings from export of woven garments amounted to $3.89 billion in the last three months, up by 6.35 per cent.
Home textile exports also recorded 10.65-per cent growth to $ 279.23 million during the first quarter of the current fiscal year.
Asked about the turnaround, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan said increased work orders had been placed here by foreign buyers in recent months following increased global demand fuelled by improved Covid situation in the western countries.
He hinted at a paradox in the trade as regards rise in production cost and no change in export prices despite the demand upturn.
"The value of local products also increased due to the hike in prices of raw materials like cotton and yarn and a significant rise in freight costs," he said.
"But", the trade leader added, "prices of exportable garments did not increase in line with raw materials' price hike, though export quantity has gone up."
The BGMEA president is hopeful about continuity of rise in export earnings in coming months as he said supply disruptions in Vietnam and China would help Bangladesh secure more work orders.
Talking to the FE, Mohiuddin Rubel, a director of BGMEA, said RMG export grew 41.66 per cent in September'21 over the corresponding month of last year.
"This reflected the much-needed recovery in exports as well as increased demand for clothing worldwide as the Covid situation is improving."
Echoing Mr Hassan, he, too, said the increased freight cost and yarn prices also inflated the export to certain extent. He suggests exporters' working on the areas of deficit.
Meanwhile, jute sector that demonstrated positive growth throughout the last fiscal recorded a 30.97-per cent fall in July-September period with earnings of $ 212.29 million, down from $307.55 million.
Earnings from agricultural produce that included vegetables, fruits and dry foods witnessed growth of about 27 per cent. The sector's earnings stood at $344.52 million during the July-September quarter of FY'22.
Earnings from pharmaceutical exports stood at $56.05 million, marking 32.91-per cent growth.
Bangladesh fetched $271.34 million from leather-and leather- goods exports during the same period, registering a 20.52- per cent growth.
Export earnings of frozen and live fishes increased 15.96 per cent to $152.6 million in the first three months of FY '22.
According to the data, plastic products witnessed a growth of 17.5 per cent to $30.75 million.
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