Bangladesh’s earnings from exports of readymade garments rose 14.51 per cent in July to January period compared with the same period of the previous fiscal year. Earnings from the sector were 7.65 per cent higher than target. Export earnings of knitwear products rose by 13.86 per cent. Export earnings of woven products rose by 15.18 per cent.

Relative peace in the country, US-China trade war, and improvement in safety conditions in the readymade garment factories are the main reasons behind the increase in readymade garment exports. Earnings from specialized textile sector was up 41.11 per cent while earnings from home textile fell 0.79 per cent. Earnings from leather and leather goods fell 11.71 per cent and earnings from jute and jute goods fell 24.66 per cent.

India, Brazil, Mexico and Chile are also turning into major export destinations for Bangladesh. Similarly, China, the largest apparel supplier worldwide, has also been turning into a major export destination for Bangladesh. China also allows duty-free access to over 5,000 Bangladeshi products, most of which are garment items.

Bangladesh’s garment exports to non-traditional markets have been growing since 2010-11 and have been made possible by a stimulus package and duty-free market access.