Bangladesh's garment exports to the United States have increased by 46 percent
Dhaka: Bangladesh has once again turned to exporting garments to major markets of different countries of the world.
In the first six months of the current fiscal year, garment exports to the United States, one of the major markets for Bangladeshi garments, increased by about 46 percent. In addition, the European Union (EU) countries exported garments worth হাজার 1.2 billion, an increase of 23.63 percent over the same period last fiscal year.
However, despite the positive trend in the garment sector, the entrepreneurs said that there are many challenges ahead. They say the market for various raw materials and chemicals is very high. As the production cost of the product increases, the price is not getting as expected.
According to data released by the Export Promotion Bureau (EPB), in the first six months (July-December) of FY 2021-22, Bangladesh's garment exports worldwide amounted to ৯ 1,990.6 million, up from ৫ 1,554 million in the same period of the previous fiscal year (2020-21). 55 lakh 6 thousand dollars. In other words, exports have increased by more than ৫ 4.35 billion worldwide.
According to the data of country-based garment exports in the first six months of the fiscal year 2021-22 (July-December), garment exports to the United States, one of the major markets in Bangladesh, have increased by about 46 percent compared to the fiscal year 2020-21. In the fiscal year 2021-22, garments exports to the US market amounted to ৩ 423.16 million, compared to ০ 290.06 billion in the previous fiscal year 2020-21. In other words, the export growth in the US market has increased by about 46 (45.91) percent in six months. Total garment exports increased by 26 percent in the first half of the fiscal year.
Exports have also increased in Europe and Canada. Exports to Europe and Canada grew by 23.63 percent and 23.6 percent, respectively. Exports to almost all European countries including Spain, Poland, United Kingdom, Germany, France have increased significantly. Besides, exports to the unconventional market also increased by 24.28 percent during this period.