July RMG export downs by 16pc
Industry Desk: Bangladesh exported apparel worth $2.60 billion from 1-30 July this year, down from $3.08 billion last year, according to data collected by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
Due to the combined effects of Eid vacation, COVID-19 lockdown and container jam at the Chattogram port, causing in a 16% fall in export earnings in the month, compared to the same period last year.
BGMEA data also revealed that RMG exports, however, had shown an outstanding 37% growth in the first three weeks of July, growing earnings to $2.22 billion until 19 July from $1.66 billion of the same period last year.
According to industry leaders, as the major export destinations of the country like the USA and EU are getting back to normal with vaccination, the demand for apparel products is going back to the pre-COVID situation.
Although the govt. exempt the RMG factories from lockdown, but it takes 3-5 days to resume production to their full capacity after any holiday.
Usually, in June, July and August period, Bangladesh apparel export generally experiences a good growth targeting the winter season and Christmas. However, this year the triple blow of Eid vacation, container congestion and factory closure disrupted apparel exports.
Sector experts shared that apparel makers had huge orders for the coming days. In addition, the high demand for fashion goods in the upcoming season will also benefit RMG manufacturers to get a better price from buyers whose stores are almost empty. BGMEA and BKMEA leaders expressed hope for better recovery as the COVID-19 situation in Vietnam Pakistan and India is getting worse.
BKMEA leaders expressed the hope that buyers would adjust the prices of apparel to the price hike of raw materials amid the increasing demand in the global market.
Already the country is fetching better prices, compared with the prices – at which apparel was exported – a few months ago.
Aggressive banking may collapse 17 banks in BD
Staff Correspondent: The balance order of deposits and loans, which should be there, has b…