An employee at a yarn mill — File Photo
An employee at a yarn mill — File Photo

DHAKA: Bangladesh's exports, ending a four-month streak of declines, rose 4.3 per cent in July from a year, official data showed on Monday, as garment orders from new markets appeared to offset declining shipments to Europe.

During the month, exports of ready-made garments totalled $1.99 billion, which was 5.2 per cent more than a year earlier.

Garments accounted for 82 per cent of Bangladesh's $2.44 billion in exports in July.

The statistics did not give a breakdown on where garment exports went.

Mohammad Shafiul Islam, president of the Bangladesh Garment Manufacturers and Exporters Association, said the country has been making gains in developing new markets such as Brazil, India, Japan, Russia, South Africa and India.

“We are trying to explore new markets to make up slack demand from recession-hit Western buyers,” said Islam, whose association represents Bangladesh's 4,500 garment factories.

In recent years, Bangladesh's economy and exports have been boosted by a dramatic shift in global garment orders from China to lower-cost Bangladesh. Europe and the United States account for almost 70 per cent of Bangladesh's garment exports.

For the financial year that ended on June 30, garment rose 6.6 per cent to $19 billion. Total exports for the latest fiscal year rose 5.9 per cent to $24.3 billion, falling short of a government's target of $26.5 billion as demand for garments from key Western markets waned.

The government has set an export target of $28 billion for the fiscal year that began on July 1.

Bangladesh's low labour costs have helped it join the global supply chain for low-end clothing, manufacturing garments for international brands such as Tesco, JC Penney , Wal-Mart, H&M, Kohl's, Marks & Spencer and Carrefour.

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Comments (6)

faisal
August 13, 2012 1:09 pm
Sad Pakistan garment factories are closing down and moving to bangladesh, once Pakistan was a hub for garments...sad to see down fall of Pakistan garment industry...i hope Pakistan will revive and be again the top exporters of garments...inshallah..
Naseer Qureshi
August 13, 2012 11:40 am
Good Luck Bangladesh. Hard work and determination pays off eventually. Happy to see you going strong.
saif
August 21, 2012 1:31 pm
Bangladesh is now second largest garments exporting country after China, though it has to import most of its required cottons.
Malik - Aus
August 13, 2012 1:40 pm
once on peak Pak garment industry shifted to Bangladesh
shiraz
August 13, 2012 2:58 pm
where pak garments factory shifted to bd . stop reading newspaper propaganda. 1 or 2 people left doesnt mean everyone gone. pakistan should not worry about bangladesh. it is different country different people , different language, different culture.
Rashid Aheed
August 13, 2012 11:45 pm
It is good see your exports are going on top. Please do more research and beat everyone. Rashid
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