Readymade garment exports from Bangladesh hit a record high at $24.50 billion in the immediate past fiscal year, rising 13.86 per cent year-on-year, reveals Export Promotion Bureau data. Industry players have attributed the rise to competitive prices of Bangladeshi products and a higher demand among western consumers.
Export of knitwear products rose 15.02 percent to $12.04 billion, while that of woven garments grew 12.70 percent to $12.44 billion. The total garment exports were worth $21.51 billion in fiscal 2012-13. The total earnings from exports also saw a boost, rising 11.65 percent year-on-year to $30.17 billion in fiscal 2013-14. However, the amount narrowly missed target at $30.50 billion for the year.
Experts feel Bangladeshi manufacturers need to strengthen their capacity in home textiles as the demand for such products is rising among western customers. Besides traditional markets like the US, the EU and Canada, Bangladesh is also performing well in Japan, India, China, South Korea, Chile, Brazil, South Africa, Australia and Turkey. Home textiles have the potential to earn one billion dollars a year as the sub-sector already brought in $792.53 million in fiscal 2013-14. Jute and jute goods earned $824.49 million in fiscal 2013-14.