Bangladeshi garment exports need to grow by 10pc to achieve the target set of $27 bn

As major markets like the US are showing positive signs, apparel exports of Bangladesh have been on the rise, but they need to grow by 10 percent every month in order to achieve their target of $27 billion in the current fiscal year, said Shahidullah Azim, vice-president of Bangladesh Garment Manufacturers and Exporters Association, the garment makers’ platform.

Garment exports to non-traditional markets have growth by 7 percent year-on-year in the July-March period.

According to Export Promotion Bureau, garment exports surged by 3.16 percent year-on-year to $18.62 billion in the first nine months (July-March) of the current fiscal year.

Exports of other major products like jute increased 6.62 percent to $652.84 million and home textiles 3.47 percent to $592.45 million. While exports of leather goods declined 1.14 percent to $828.36 million.

The impact of political unrest would be seen three to four months later when exporters will get their payments, as garment makers bagged fewer than normal orders from retailers between January and March.

Exports rose 7.43 percent year-on-year to $2.59 billion in March, a development which acted as a ray of sunshine amid the gloomy economy. The figure takes the total export earnings so far in fiscal 2014-15 to $22.90 billion, up 2.98 percent year-on-year.