Bangladesh apparel exports grew by 30.36 per cent in the calendar year 2021. According to Export Promotion Bureau (EPB) data, its exports earnings grew by 30.36 per cent during the year to $35.81 billion against $27.47 billion in 2020. Of the total exports earned from the clothing products, earnings from knitwear exports surged by 37.72 per cent to $19.60 billion while earnings from the export of woven products surged by 22.45 per cent to $16.21 billion
Trade analysts attributed the rise in demand and prices of apparel goods mostly in the European Union and the United States of America for the sharp rise in exports. Relocation of work orders from China, Myanmar, and Ethiopia also as push factors for the robust growth. Government policy supports and incentives also gave a cushion against the fallout of the COVID-19 pandemic, as per a Textile Today report.
This will help Bangladesh to reach the $50 billion export mark very soon, adds Professor MostafizurRahman, Distinguished Fellow, Centre for Policy Dialogue (CPD).
Knitwear products contributed significantly to the total apparel exports by earning $19.60 billion. As the country can supply almost 100 per cent raw materials to the sub-sector, it posted better growth. People’s long stay at home due to COVID-19 pandemic also increased the demands of knitwear products, adds FazlulHoque, Managing Director, Plummy Fashions.
The rising prices of finished goods boosted overall exports earnings, adds Faruque Hassan, President, BGMEA. Exports to non-traditional markets as well as robust growth in the US market also played an important role in the sharp rise in exports. Apparel exports to the non-tradition market rose by 25.76 percent to $5.68 billion in 2021.