Apparel exports achieve full year’s target in 10 months

Bangladesh’s exports led by readymade garments continue to surge in the current fiscal 2021-22 despite the onslaught of the ongoing coronavirus pandemic and the Russia-Ukraine war.  

According to the Bangladesh Garments Manufacturers and Exporters Association (BGMEA), the country earned $35.42 billion from exports of apparel products in the first 10 months until April of the current fiscal year, up from the entire FY22’s target of $35.14.

A senior office-bearer of BGMEA said garment exporters fetched $3.90 billion in April, slightly down from $3.93 billion a month ago.

“As Ramadan began in April, factories were operated for less working hours and that’s why exports recorded slightly lower than the previous month,” Sahahidullah Azim, vice president of BGMEA, told the Business Insider Bangladesh on Thursday.

“Moreover, some of our members are following ‘go slow’ strategy on shipping the consignment to Russia amid the war,” he said. 

Meanwhile, Bangladesh is in a challenge to entertain the enormous work orders that are pouring into the country due to the various adverse situations in the world including China, Azim said.

Muhammad Hatem, executive vice president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said during the pandemic Bangladesh has emerged as a dependable apparel sourcing country to the global buyers and on the other hand, the USA, China and Russia are in a ‘cold relationship’, which is benefitting Bangladesh.  

“I think we will not be able to entertain all the work orders in near future. Already, 90 percent of the factories are booked till August,” Hatem told the Business Insider Bangladesh.   

In FY21, the country bagged $31.45 3billion from apparel export and the target for the current fiscal year was set at $35.14 billion, according to the BGMEA.

Bangladesh mainly exports trousers, denim, shirts, skirts, blouses, underwear and sweaters to the world markets. Now some manufacturers have started making value-added products, which may take the country’s export figure to a new high, industry insiders say.