Exports continue to remain buoyant

Export earnings surged 31 per cent year-on-year to $4 billion in November from a year ago, thanks to the rebound in the apparel shipment in the European and the US markets for increased consumers' demand following the Covid-19 pandemic fallout.

This export earning from the merchandise shipment in November was the third highest.

The highest earnings were recorded at $4.72 billion in October this year and the second highest earnings were recorded at $4.16 billion in September this year.

Earnings from the exports have been increasing over the last few months mainly because of the sharp rise of apparel items, which contribute more than 84 per cent to overall annual exports receipts.

"The garment shipment will continue to grow up to next January as we are already booked with an increased volume of work orders from the international retailers and brands," said Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

He said the shipment of apparel items started soaring in September this year and it continued until November.

Shipments of garment items have been rising mainly because of price hike per unit by the international retailers and brands due to increased cost of raw materials such as cotton, chemicals, yarn and fabrics, exporters said.

Moreover, the freight charge increased nearly 500 per cent due to a sudden rise in demand for shipment with the improvement of the Covid-19 situation, he said.

Secondly, local garments makers have received 20 per cent higher work orders from international retailers and brands over the last one year as buyers are coming here moving away from other countries like India, China, Vietnam, Myanmar and Ethiopia because of competitive prices.