Partially as a result, fiscal year 2014-15 began on a low note, with garment exports achieving an annualized growth rate of just 3.2%.
This year’s setback: Over the last three months, the World Bank estimated political unrest cost Bangladesh’s economy $2.2bn.To achieve 10.9% growth, Bangladesh will have to gain market share from competitors like China and India all while they seek to grow their own garment exports. The Asia-Pacific apparel export market is expected to grow by 9% annually through 2017, while the global apparel industry is expected to grow by just 5.1% through 2018. Counting on global demand: To meet their projections, Bangladesh will have to outperform the global apparel industry.Looking forward, a more accurate annual estimate might be somewhat lower than 13.9%. Excluding that year, export growth averaged just 8.8% during the other five years. Rethinking the growth rate: The average growth rate of 13.9% over the last six years is skewed by a 43% jump in garment exports between 20 - a jump we’re unlikely to see again.Over the past six years the garment industry has grown by an average of 13.9% annually – which makes $50bn by 2021 seem within reach.
To make the $50bn target, Bangladesh will have to grow exports by 10.9% annually (assuming they can reach their projections this year). The NYU Stern Center for Business and Human Rights looked at recent export data and industry trends to assess whether the industry could double in the next six years. Today the Bangladeshi garment industry is worth $25bn. Bangladeshi government and industry leaders are determined, and international partners, including the US government, have pledged to support their ambition. In December, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Brand Forum Bangladesh held a summit to develop a “collaborative and coordinated approach” to achieving this goal.
The export of this sector decreased by 30 percent.The garment manufacturing sector in Bangladesh has a new slogan: “$50 billion by 2021.” It’s an ambitious vision to reach $50bn in exports by 2021, the 50th anniversary of the Republic of Bangladesh. The third highest exported products are home textile products worth $1.02 billion. On the other hand, the second highest export item was leather and leather products worth $1.12 billion. This income is 10.67 percent higher than the same period of the last financial year 2021-22. In the first 11 months of the current financial year, exports of ready-made garments were worth $42.63 billion. However, exports of jute and jute products, home textiles, frozen food, agro-processed food, and engineering products declined. In the first 11 months of the last financial year, the exports were worth $47.17 billion.Īccording to EPB data, exports of leather and leather products, non-leather footwear and plastic products have so far increased in the current fiscal year, along with ready-made garments. This export is 7.11 percent higher than the same period of last financial year. The report revealed that in the first 11 months (July-May) of the current fiscal year 2022-23, products worth $50.52 billion were exported. But in May exports increased by $890 million, according to Export Promotion Bureau (EPB) report released on Sunday. In April this year, worries surfaced about the export of goods because suddenly the export decreased by 16.5 percent to $3.96 billion. The country had earned $3.83 billion from exporting goods in May 2022.Īmid the foreign exchange crisis, the export sector brought good news for forex reserves. Bangladesh earned $4.85 billion by exporting goods in May, which saw an increase of 26.61 percent year-on-year.
0 kommentar(er)
