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Apparel export to EU up

US market shows decline

Star Business Report
Garment export to European Union (EU) increased while to US market it declined during the last fiscal year.
According to Export Promotion Bureau (EPB) statistics, knitwear export to EU market that includes the 10 new members of the union increased by 32.01 percent while woven garment export rose by 16.39 percent
Knitwear export to US market declined by 33 percent and woven garment export also decreased by 9 percent.
EPB sources said the overall export earnings from woven garment registered 8.59 percent growth in last fiscal while the growth was 29.88 percent in knitwear.
"As the US, the major destination for Bangladesh's apparels, has signed free trade deals with several central American and African countries and also inked many agreements with other countries, export
to the market has declined," Annisul Huq, president of Bangladesh Garments Manufacturers and Exporters Association (BGMEA) told The Daily Star yesterday.
About the growth in EU market, the BGMEA president said as euro, which is used by maximum EU nations, became stronger last fiscal year against dollar export earnings from these particular countries, increased.
"GSP (generalised system of preferences) facilities provided by the EU countries for Bangladeshi readymade garments also played an important role," he added.
However, Huq feared at least seven out of 10 new countries may pose threat to Bangladesh’s apparel export as these countries also are engaged in garment export.
Bangladesh exported knitwear worth S23.6 crore to the US In the fiscal year while the amount was $35.07 crore in 2002-03.
Ilie country also exported woven
garments worth $139.17 crore to the same market in the last Fiscal against $151.73 crore in 2002-03.
On the other hand, Bangladesh exported knitwear valued at $178.68 crore to the EU in the last fiscal year against $ 121.47 crore in2002-03.
Bangladesh exported woven garments worth $187.01 crore to the EU last fiscal year against $156.44 crore in 2002-03.
Apart from the US and the EU, the country's overall exports to Canada and Japan increased by 41 percent and 9 percent in the last fiscal. However, export earnings declined by 17 percent from Australia.
Export earning growth hit a six-year high of 16.10 percent in the fiscal year. The country fetched $7.6 billion in the last fiscal surpassing the target by 2.2 percent The targeted amount was $7.4 billion.
I lie government has fixed this fiscal year's export target at $8,565 million.