The Bangladesh garment industry has generated exports worth $28.09 bn in 2015-16 with a 10.21 per cent growth from the previous year, according to a data of the Export Promotion Bureau. The growth has been attributed to political stability during the year, increased productivity, entrepreneurs’ resilience and improvement of workers’ safety standards in factories, according to exporters and analysts. Data released yesterday shows earnings also exceeded target $27.37 bn set for the year. Of the total figure, the knitwear constituted $13.35bn and woven products $14.74bn.
Siddiqur Rahman, President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) points out, though profit margin declined, manufacturers didn’t stop taking work orders. Hence one has to give credit to them for seeing an even better export growth in the country’s garment sector. He added that the start of manufacturing of high-end products by some entrepreneurs and the increase of workers’ productivity also contributed to achieve healthy export earnings.
Bangladesh earned over $34bn from exports in the 2015-16 fiscal and registered around 10% growth compared to last year. The figure also exceeded the export target set for the year by $743m.