Bangladesh RMG exports grow 44.63 % in August

Bangladesh’s readymade garment exports recorded a 44.63 % year-on-year growth in August after seven months of negative trend. The country’s export earnings from RMG stood at USD 3.24 billion from USD 2.24 billion in the same period of August in 2019, according to National Board of Revenue data compiled by BGMEA.

Rubana Huq, President, BGMEA said, while cotton trousers had maintained the biggest share in terms of increase, man-made fibre-based product categories in tops had also started witnessing a growth. Especially women’s/ girls’ cotton trousers have seen significant growth and their share in our total export is also higher. Huq also said a six-month average would be a better depiction of the export growth situation instead of year-on-year-based monthly figures. Bangladesh’s export earnings from readymade garment witnessed a negative growth for seven month in a row from January to July this year.

The export earnings witnessed a 54.79 % decline in the March-May period of 2020 over that of the corresponding period of last year as the coronavirus pandemic hit the sales of manufacturing goods and the global buyers cancelled or suspended import orders.

The country’s export earnings started increasing from June this year although the RMG export declined by 18.84 % to USD 27.70 billion in the fiscal year 2019-20 from USD 34.13 billion in the FY 2018-19 due to the adverse impact of the coronavirus outbreak globally.

With the reviving of export orders by the global buyers, Bangladesh’s exports in July this year fetched USD 3.91 billion, the highest-ever earnings in a single month in the country’s history.