Import value of RMG raw goods jump as prices rise
Jannatul Ferdushy || BusinessInsider
Graphics: Business Insider Bangladesh
The import value of raw goods related to readymade garments (RMG) has jumped by 70 percent (year-on-year) in the ten months of the current fiscal year due to great quantities of work orders coupled with higher prices of raw materials.
According to the Bangladesh Bank data, during the period July-April of FY22, the import value of garment-related goods stood at $18.61 billion.
Of these, yarn import value stood at $4.44 billion, raw cotton $3.74 billion, staple fibre $1.30 billion, dyeing and tanning materials $876 million, and textile and article thereof $8.24 billion.
Regarding the great quantities of work orders, industry insiders said, many western buyers are choosing Bangladesh over its competitors — China and Vietnam — because of political turmoil with the former and the Covid situation in the latter.
“Bangladesh is now able to continue production in any adverse situation due to its strong infrastructure in RMG sector,” Fazlee Shamim Ehsan, vice president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) told the Business Insider Bangladesh.
“Bangladesh is now a dependable source for international buyers, resulting in the huge number of orders that are now pouring into the country,” said Zainul Abedin, Proprietor of AAA TRIMS World.
The July-April import of yarn grew by 147 percent, raw cotton 50 percent, textile, article and thereof 61 percent, stable fibre 56 percent, and dyeing and tanning material 27 percent.
During the same period last year, the total value of RMG raw goods import was recorded at $10.95 billion. Of these, yarn was $1.79 billion, raw cotton $2.49 billion, textile and articles thereof $5.13 billion, staple fibre $835 million and dyeing tanning material $690 million.
Meanwhile, Bangladesh fetched a record high of $38.52 billion from RMG export during July-May of the current fiscal year from the global market.
Bangladesh mainly exports trousers, shirts, skirts, blouses, undergarments, sweaters etc to the world market.
