Bangladesh’s exports hit all-time high of over $52 bn

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Bangladesh’s export income in the 2020-21 fiscal year (July 2020-June 2021) was recorded at $38.76 billion…reports Asian Lite News

Bangladesh saw exports soar more than 34 per cent to $52.08 billion in the 2021-22 fiscal year (July 2021-June 2022), official data showed.

According to data released on Sunday by the Export Promotion Bureau (EPB) under the Ministry of Commerce, Bangladesh achieved the highest export earnings in the 2021-22 fiscal year with the final months recording robust income growths.

“In the 2021-22 fiscal year, exports reached $52,082.66 million, setting a new record,” said the EPB.

With $4.91 billion in export earnings in June, up 37.19 per cent over the same period a year ago, the country’s overall export earnings in the last fiscal year exceeded the target of $43.50 billion, Xinhua news agency reported.

Bangladesh’s export income in the 2020-21 fiscal year (July 2020-June 2021) was recorded at $38.76 billion.

As always the growth in the 2021-22 fiscal year was largely attributed to the demand for ready-made garments.

Bangladesh’s earnings from garment export, which make up more than three fourths of the country’s annual incomes since the beginning of this decade, surged to $42.61 billion in the 2021-22 fiscal year, according to the EPB.

Knitwear garment export grew 36.88 per cent year-on-year to $23.21 billion while woven garment export rose 33.82 per cent to $19.40 billion.

During the cited period, many other traditional export items like frozen foods, home textiles, leather and leather products and footwear also performed well, showed the EPB data.

India-B’desh ties

Enhanced cooperation between India and Bangladesh can go a long way in strengthening their position in the apparel industry and making South Asia the hub for apparel and textile innovations, Bangladesh’s High Commissioner H.E Muhammad Imran said here on Saturday.

“Efforts are being made to boost cooperation between the two countries, and am confident that the Apparel Sourcing Week (ASW) 2022 will play a key role in this,” he said.

The ASW 2022, Asia’s premier sourcing show for the apparel industry, has been held successfully in Bengaluru with new opportunities and avenues to strengthen India-Bangladesh collaboration and bilateral trade and make Asia the global Apparel Sourcing Hub.

Organised by Apparel Resources, ASW is taking place in Bengaluru with an overwhelming response from all partners.

Some of the topics to be covered on Saturday of ASW 2022 include Mitigating Risks in Sourcing, D2C Opportunities for Fashion, among other panel discussions and industry sessions.

Major Asian economies including India, Japan and China are making Bangladesh their sourcing destination for garment items. In fiscal 2020-21, Bangladesh exported garment items worth 421.86 million to India, which was $420.73 million in fiscal 2019-20, according to an official statement.

ASW 2022 also endeavours to take India-Bangladesh collaboration in the industry to the next level by building on the existing and potential synergies between the two countries.

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