Country's export earnings from apparel products during the July-May period of the Fiscal Year (FY) 2013-14 grew by more than 14 per cent over the corresponding time of last fiscal, notwithstanding some daunting challenges, including the adverse impact of Rana Plaza tragedy and a political impasse stemming from the issues of polls.
Export receipts from apparels, including knit and woven items, stood at $22.17 billion during the first eleven months of the outgoing fiscal, up from $19.31 billion in the corresponding period of last financial year, according to official data.
In the meantime, trade officials expressed the hope that export earnings from the apparel products would reach $24.75 billion at the end of the current fiscal. In tune with the uptrend, the government is going to set a $27.47 billion apparel-export target with an average 10.74 percent growth for the upcoming fiscal year (2014-15).
The government is going to fix the country's total export target at $34.20 billion for the next fiscal. Officials expect that the overall export earnings would stand at $30.62 billion in the current fiscal.
However, the overall export earnings stood at $ 27.37 billion, with a growth of 12.56 per cent, during the July-May period of FY 2013-14 though the external trade missed the target by 0.21 per cent.
The single-month earnings reached $2.72 billion with a 7.22 percent growth but missed the target by 5.45 per cent.
Knit products fetched $10.91 billion, at 16.28 percent growth, that also surpassed the target by 4.87 per cent during the period.
Woven products' receipts stood at $11.25 billion with a 13.46 percent growth, but failed to achieve the target by 0.43 per cent during the same period.
Export earnings from knit items stood at $1.25 billion in July, $848.25 million in August, $1.05 billion in September, $862.01 million in October, $877.61 million in November, $ 1.048 billion in December in 2013, $ 1.045 in January, $915.76 million in February, $ 920.69 million in March, $ 972.38 million in April and $1.11 billion in May this year respectively.
Similarly, woven items fetched $1.26 billion in July, $796.05 million in August, $985.26 million in September, $ 820.49 million in October, $889.35 million in November, $ 1.22 billion in December in 2013 respectively and $ 1.19 billion in January, $ 1.04 billion in February, $ 993.37 million in March, $ 944.95 in April and $1.09 billion in May in 2014 respectively.
"Despite all the negative incidents, especially Tazreen and Rana Plaza, the sector's performance is good," Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) former President Fazlul Hoque told the FE.
If the same trends continue in the next fiscal, it would encourage the entrepreneurs to invest more, he hoped.
Terming the growth 'reasonable', Abdus Salam Murshedy, the former president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said they are now worried about the capability of the sector.
Buyers are not increasing the products' price, many factories have been closed due to the western retailers' assessment programmes, he said adding the sector is now facing tremendous competition with the competitor countries.
Echoing Mr Murshedy's views, Reaz-bin-Mahmood, vice president of BGMEA, said despite growth, the reality is different as manufacturers are not getting the expected volume of orders. "Orders are shifting to other countries," he noted.
The EBP data also showed that export of jute and jute goods witnessed negative growth of 20.21 per cent during the July-May period of 2013-14.
Earnings from leather, leather goods, frozen food and pharmaceuticals grew by over 29.11and 59.87 per cent, 18.19 per cent and 17.30 per cent during the period.
