The country’s earnings from readymade garment exports to India increased by 138.54 per cent in July-August of the current financial year (2018-19) compared with that in the same period of last fiscal year. RMG exports fetched $101 mn in July-August of FY19 against $42 mn in the same period of FY18. According to the Export Promotion Bureau data, the country’s exports to the US and Germany achieved a minimal growth in the first two months of FY19, while the exports to most of the European countries witnessed a negative growth. Exporters said that the shipment to the EU market was heavily hampered in the month of August due to the Eid-ul-Azha holidays and the earnings from that zone witnessed a negative growth in the month. The EPB data, however, showed that export to India in July-August of FY19 increased by 127.08 per cent to $244.65 mn from $107.73 mn in the same period of FY19.
Exporters also said that export earnings from India witnessed a remarkable growth as Western and Indian clothing brands set up a significant number of stores in India and raised procurement from Bangladesh. Export earnings from the US, the largest export destination for Bangladesh, in the first two months of the FY19 grew to $1.17 bn from $1.09 bn in the period of FY18 with a 6.69-per cent growth. RMG export to the US increased by 20.33 per cent to $1.02 bn from $990.82 mn. Export earnings from Germany, the second highest export destination for Bangladesh, in the first two months of FY19 grew by 4 per cent to $1.10 bn from $1.06 bn in the same period of FY18. Export of RMG products to Germany increased to $1.04 bn from $992.39 mn. Export earnings from the United Kingdom in July-August of the current fiscal year, however, fell by 12.45 per cent to $686.19 mn from $783.81 mn in the same period of FY18.
RMG export to the UK decreased to $631.5 mn from $733.78mn. Export earnings from China in the first two months of FY19 fell by 3.62 per cent to $123.38 mn from $128.02 mn in the same period of FY18 due to a fall in the earnings from exports of leather and leather products while exports of leather and leather products to China in July-August of FY19 decreased by 76.78 per cent to $5.77 mn from $24.87 mn in the same period of FY18, the EPB data showed.