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Garment exports go from strength to strength

Total exports rise 3pc year-on-year in Aug

Refayet LIllah Mirdha
Garment exports from Bangladesh continued to increase despite bad publicity garnered over the recent tragedies of Tazreen fire and Rana Plaza collapse.
Between July and August, knitwear exports raked in $2.1 billion, up 17.19 percent from a year ago, according to data from Export Promotion Bureau (EPB). At the same time, woven garments fetched $2.05 billion, a 16.98 percent year-on-year rise.
The reason for the rise is the emergence of solid export destinations like Japan, Russia and South Africa, all the while cushioned by steady exports to the European Union, said Shubhashish Bose, vice-chairman of EPB.
EH, where 52 percent of the country's garment products go, continued to be the main market during the period.
Exports to the Saarc and Asean regions are also on the rise due to the country's competitive pricing, he added.
"The trend for garment export is positive—if things continue like this, we will be able to achieve this fiscal year's export target of $30.5 billion."
Atiqul Islam, president of Bangladesh Garment Manufacturers and Exporters Association, echoed Bose's views. "The impact of Rana Plaza collapse has not yet been felt as the orders were received before the incident," he added.
Meanwhile, a recent study of Standard
Chartered Bank also showed a positive trend of the country's garment exports due to diversion of orders from China.
The study said the country's capacity to tap a fraction of the apparel orders from China will help in offsetting any "cannibalisation impact" rising out of the weak Indian currency.
China's "iron grip" on the apparel industry ($154 billion exports in 2012) has "firmly been loosened" owing to the significant rise in production and transportation costs, which compelled many leading apparel brands to look for new supply sources, the study said.
While garment exports shone, exports of other products went the opposite way.
Total exports dropped 33.42 percent to $2.01 billion last month from July. Export earnings in August were 20.85 percent below the target of $2.54 billion. In comparison to a year ago, the figure is 3.18 percent higher, though.