Bangladesh’s buoyant apparel exports surpass $3bn in May
File photo of Chattogram port, Bangladesh`s prime shipping point.
Bangladesh’s apparel exports flourished in May 2019, jumping to a receipt of over US $3 billion, after seeing slowdown during the first quarter due to labour unrest.
According to latest data of Bangladesh Export Promotion Bureau published on May 9, 2019, July-May 2019 period saw exports of US $31.7 billion – a gain of 12.8 per cent on a year-to-year basis. Last year same period saw exports of US $28.1 billion.
For the month of May alone, the exports receipt amounted to US $3.3 billion. Last month, the receipt was US $2.54 billion. Back in March the export was US $2.82 billion. In February this was US $2.9 billion followed by US $2.4 billion in January.
Notably, apparel manufacturers say that falling prices of apparel exports is hurting the industry most at this point of time. With fair pricing policies, the export growth could have been much higher than what is being witnessed, they say.
EXPORTS IN DETAILS
Further analysis into the data by Bangladesh Apparel News shows, knitwear registered a receipt of US $1.68 billion for the month of April. During the July-May period, the total receipt stood at US $15.68 billion, up by 12.5 per cent.
Compared to the US $1.68 billion receipt in May, knitwear witnessed a receipt of US $1.24 billion in April, US $1.31 billion in March, US $1.35 billion in February, US $1.5 billion in January and US $1.3 billion in December.
Woven segment, on the other hand, witnessed a receipt of US $1.65 billion, just a tad lower than that of what the knitwear segment fetched, in May. During the July-May period, the total receipt stood at US $16.05 billion, with a gain of 13.1 per cent.
In March, export receipt in this segment stood over US $1.5 billion. This value was US $1.55 billion in February, and US $1.6 billion in both January and December.
The total export receipt of Bangladesh stood at US $3.49 billion in May. The figure was a whopping gain of 14.7 per cent in comparison to May 2018. Also, it stretched more compared to the strategic export target of US $3.4 billion by 9.23 per cent.
Apparel exports accounted for over 94 per cent of the exports in April 2019.
For Regular Industry Insights