Shrugging of inflationary pressures in the US and Europe, Bangladesh’s apparel exports grew 50 per cent this year to $3.52 billion – in the first 27 days of June. As per a Textile Intelligence report, the sector also recorded over 1,200 per cent year-on-year growth in a single day during the period though exports declined by 39 per cent in three days out of 27 days, as per Bangladesh Garment Manufacturers and Exporters Association (BGMEA). The data was calculated on the basis on data provided by the National Board of Revenue.
From July-May, FY22, readymade garments exports grew 35 per cent growth to $38.52 billion compared to the same period last year, shows EPB data. Faruque Hassan, President, BGMEA says, the trend may continue in the next two months. He warns, next year might be tough for the industry due to rising inflation and recession as buyers are shying away from placing new orders. He hopes, the industry will grow 36 per cent this year and maintain growth next year.
Fazlul Hoque, Former President, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) says, the apparel industry is benefitting from excess orders shipment owing to increased global demand. Apparel exports will return to regular trend as Eid Ul Adha will affect exports, he adds. Some buying houses confirm a drop in orders from the US and EU. Orders from Japan and South Korea have remained the same until now, they add.
Ashikur Rahman Tuhin, Managing Director, TAD Group and a Former Director, BGMEA adds, though global inflation might affect apparel exports, they have a chance to bounce back during next Christmas.