The overall export earnings rose by nearly 7% riding on the ready-made garment sector in first five months of this fiscal year.
Officials attributed the rise to the improvement of safety standards in the RMG sector, competitive prices of products and calm political situation for better export performance.
According to the Export Promotion Bureau data, in July-November of FY2015-16, Bangladesh earned $12.87bn by exporting goods which was 6.71% higher compared to the same period last year. In the same period last year, Bangladesh fetched $12.07bn.
Meanwhile, RMG sector witnessed a nearly 8% growth to $10.46bn, which was $9.7bn in the same period last year.
As per the latest data, woven sector earned $5.22bn, which was 11.35% higher compared to the same period last year while Knitwear earned $5.23bn, posting 4.78% growth.
On the other hand, the single month overall export growth in November has posted a robust growth of 13.37% to $2.75bn, which was $2.41 a year ago.
“Stable political situation in the country, progress in safety standards conducted by Accord on Fire and Building Safety, Alliance for Worker Safety in Bangladesh and National Initiative have restored buyers’ confidence to Bangladesh,” Exporters Association of Bangladesh (EAB) president Abdus Salam Murshedy told the Dhaka Tribune.
Improved confidence on Bangladesh as sourcing destination help to increase export value, said Salam.
“Increased demands of apparel products on the occasion of Christmas Day, the biggest religious festival of christian help to enhance export earnings,” Shahidullah Azim, former vice president of Bangladesh Garment Manufacturers and Exporters Association, told the Dhaka Tribune.
Most of the sector including RMG, leather, pharmaceutical and plastic products are doing well, which help to enlarge export earnings, Shubhashish Bose, vice chairman of the EPB told the Dhaka Tribune terming the growth as “satisfactory”.