Dhaka, Bangladesh (CU)_ According to the latest statistics, Bangladesh’s export revenues increased by 51.18 percent annually in April to $4.73 billion. This growth was achieved by increased shipments of garments, home textiles, and footwear. Despite the ongoing global concerns stemming from the Russian-Ukraine war, dragging supply chain issues, and rising inflationary pressures, export receipts continue to rise in Bangladesh.
Bangladesh’s exports have experienced remarkable growth since September, with monthly collections surpassing $4 billion for the first time in the history of the country, as demand in western countries revived in tandem with the waning coronavirus pandemic. In December, the profits reached an all-time high of $4.9 billion, and the upward trend continued in the following months.
According to figures from the Export Promotion Bureau, during July and April, the initial 10 months of the current financial year, profits increased by 35.14 percent annually to $43.34 billion (EPB). As a result of the Covid-19 situation improving globally, the global garment supply chain is likewise rebounding rapidly. As a result, Bangladesh’s exports are expanding at a quicker rate.
During July to April, garment exports, which contribute to almost 85 percent of national exports, increased by 35.98 percent to $35.36 billion. Knitwear shipments increased by 37.49 percent to $19.24 billion, while woven shipments increased by 34.23 percent to $16.11 billion. The growth in textile export may be attributed to the fact that global clothing businesses and brands are flooding in droves to Bangladesh to make orders, while many other manufacturing nations struggle to satisfy the rising demand. As a result of the rising production costs in China, India, Pakistan, Vietnam, Sri Lanka, Myanmar, and Ethiopia, orders are transferring to Bangladesh.
According to Md Shahidullah Azim, senior vice-president of the Bangladesh Garment Manufacturers and Exporters Association, “Export will keep growing until July because local suppliers have received a significant volume of orders”. Manufacturers are currently accepting orders for the months of October and November.
