Exports in Aug surge 31.25pc
Tuesday, 28 September 2010
FE Report
The country's exports in August surged 31.25 per cent to US$ 1.79 billion from a year earlier, led by strong demand for the country's readymade garments, government statistics showed.
Earning from knit textiles in July-August, the first two months of the current fiscal year, rose 32 per cent to nearly $ 1.6 billion from the previous year, while that from woven garments rose 30 per cent to $ 1.3 billion, data compiled by the state-run Export Promotion Bureau (EPB) revealed.
In the fiscal year that ended in June, exports rose 4.11 per cent to $ 16.2 billion as the global economy gradually recovered, although that was still 7.9 per cent below the government's target amount.
Sales in July rose 26.5 per cent to $ 1.82 billion, the country's highest ever monthly export earning.
Officials from EPB explained that orders for clothes, which account for 80 per cent of Bangladesh's overseas sales, are growing from its key markets - the United States and Europe.
Traders and officials said the garment sector had seen a steady recovery since January, along with the recovery in the global economy.
Bangladesh is fast becoming part of the global supply chain for low-end textiles and clothing because of its cheap labour costs. In late July, the government nearly doubled the minimum monthly wage for millions of workers in the garment industry to Tk 3,000 ($ 43), which will take effect in November.
Bangladesh makes garments for international brands such JC Penney, Wal-Mart, H&M, Kohl's, Marks & Spencer and Carrefour. Meanwhile, the government has increased the amount of credits available, cut tax and offered cash incentives to explore new markets to garments exporters.
According to the EPB export data, export of frozen foods, jute and jute goods, footwear, leather and tea also contributed significantly in attaining the impressive export growth in August.
Frozen foods worth $ 91.28 million were exported during the July-August period of the fiscal year, managing a 25.71 per cent growth from the corresponding period of last fiscal year.
Similarly, jute and jute goods enjoyed a net 20.69 per cent growth during the first two months of the current fiscal year, exporting goods worth $ 122.98 million.
The government expects exports to climb 14 per cent this fiscal year to $ 18.5 billion, with targets of $ 7 billion from knitwear and $ 6.6 billion from woven garments.
The country's exports in August surged 31.25 per cent to US$ 1.79 billion from a year earlier, led by strong demand for the country's readymade garments, government statistics showed.
Earning from knit textiles in July-August, the first two months of the current fiscal year, rose 32 per cent to nearly $ 1.6 billion from the previous year, while that from woven garments rose 30 per cent to $ 1.3 billion, data compiled by the state-run Export Promotion Bureau (EPB) revealed.
In the fiscal year that ended in June, exports rose 4.11 per cent to $ 16.2 billion as the global economy gradually recovered, although that was still 7.9 per cent below the government's target amount.
Sales in July rose 26.5 per cent to $ 1.82 billion, the country's highest ever monthly export earning.
Officials from EPB explained that orders for clothes, which account for 80 per cent of Bangladesh's overseas sales, are growing from its key markets - the United States and Europe.
Traders and officials said the garment sector had seen a steady recovery since January, along with the recovery in the global economy.
Bangladesh is fast becoming part of the global supply chain for low-end textiles and clothing because of its cheap labour costs. In late July, the government nearly doubled the minimum monthly wage for millions of workers in the garment industry to Tk 3,000 ($ 43), which will take effect in November.
Bangladesh makes garments for international brands such JC Penney, Wal-Mart, H&M, Kohl's, Marks & Spencer and Carrefour. Meanwhile, the government has increased the amount of credits available, cut tax and offered cash incentives to explore new markets to garments exporters.
According to the EPB export data, export of frozen foods, jute and jute goods, footwear, leather and tea also contributed significantly in attaining the impressive export growth in August.
Frozen foods worth $ 91.28 million were exported during the July-August period of the fiscal year, managing a 25.71 per cent growth from the corresponding period of last fiscal year.
Similarly, jute and jute goods enjoyed a net 20.69 per cent growth during the first two months of the current fiscal year, exporting goods worth $ 122.98 million.
The government expects exports to climb 14 per cent this fiscal year to $ 18.5 billion, with targets of $ 7 billion from knitwear and $ 6.6 billion from woven garments.