Export earnings from the country's readymade garment (RMG) sector recorded a growth of 12.34 per cent year on year to fetch US$16.11 billion during the first five months of the current fiscal year, pushing the overall growth to 11.76 percent.
RMG that contributed more than 80 per cent of Bangladesh's overall export earnings brought US$3.30 billion in November 2024 which was 16.25 per cent higher than the November 2023 earnings of US$2.84 billion, according to Export Promotion Bureau (EPB) data released on Wednesday.
The sector witnessed 2.89 per cent growth in last July, followed by 7.20 per cent in August, 14.61 per cent in September and 22.80 per cent in October respectively.
The overall export earnings, however, during July--November period of the current fiscal year stood at US$19.90 billion recording an 11.67 per cent growth compared to that of US$17.81 billion in the corresponding period of the last fiscal of 2023-24, according to data.
Out of the total US$16.11 billion earnings from RMG, the knitwear subsector fetched US$8.94 billion recording 12.23 per cent growth during the July-November period of fiscal year of 2024-25 while woven brought US$ 7.17 billion marking 12.48 per cent growth.
Meantime, home textile recorded a 5.03 per cent growth to fetch US$ 326.83 million during the July-November period of the 2024-25 fiscal.
EPB vice chairman Md Anowar Hossain attributed peak season for RMG shipment, completion of backlog orders for August and September amid student protests and labour unrest for the growth while pre-holiday rush like Christmas, black Friday and thanks giving and buyers' end-of-year management also helped to sustain the double digit growth.
The growth was possible due to entrepreneurs' resilience and workers' dedication despite some recent challenges of political changes, he, also the administrator of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said while addressing a press conference held at his EPB office in the city.
Speaking about the current labour situation in the country's RMG sector, he said the situation has improved and almost all factories are in production.
Talking to the FE, Fazlul Hoque, former president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said the demands in the major market like European Union and US are increasing.
Besides, there is uncertainty because of China and US trade war as to whether the new US government would impose further duty on import from China which also led buyers to place orders in other countries from China, he added.
"As a result, work orders are also coming here in the country," he said, expressing hope that the trend might continue in the coming months.
Mahmud Hasan Khan, managing director of Rising Group, said compliant factories have good flow of work orders while that of non-compliant ones' situation might not be the same.
He, however, said exports retention has been falling mainly because that cost of doing business has gone up significantly.
There is no doubt that some orders shifted to other countries because of labour unrest while there is still concern if law and order and labour situation are not ensured, he noted.
According to the EPB data, exports of jute and jute goods during the period under review amounted to $341.70 million, registering a fall of 9.99 per cent.
Earnings from agricultural items like vegetables, fruits and dry foods registered a growth of 8.34 per cent to $495.38 million during the last five months.
Export earnings from engineering products increased by 5.70 per cent to $205.80 million during the July-November period.
Frozen and live fish exports increased by 11.62 per cent to $198.09 million.
The country received $466.39 million from the export of leather and leather goods in July-November, registering a growth of 7.61 per cent. Pharmaceutical exports fetched $92.58 million, registering a 13.14 per cent growth.
Exports of footwear other than leather items also increased 40.86 per cent to $217.81 million.
The EPB data also showed that exports of plastic products posted a 35.38 per cent growth, reaching $131.82 million. Bangladesh in the last fiscal year bagged $44.46 billion in earnings from merchandise exports, riding on readymade garments.
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