According to reports from Bangladesh’s “Financial Express” and “Daily Star” on August 5, Bangladesh’s exports rebounded in July. Data released by the Bangladesh Export Promotion Bureau yesterday showed that Bangladesh’s export volume in July was US$3.91 billion, an increase of 44.4% over the previous month and an increase of 0.59% over the same period last year. What’s even more striking is that Bangladesh’s export revenue in July was 13.39% higher than the target for the month. Clothing accounts for about 84% of the country’s total export revenue, with exports reaching $3.2 billion, 14.1% higher than the July target set by the Bangladesh Ministry of Commerce. Clothing exports to Europe and non-traditional markets have led the rebound, while retail sales in Europe have returned to pre-lockdown levels since May.
Due to the Covid-19 epidemic, the world Leading brands have canceled, suspended or reduced purchase orders, adversely affecting Bangladesh’s apparel industry, a major export. Exports of apparel products fell in April this year to $370 million, the lowest level in decades. However, export revenue increased steadily in May and June.
According to data from the Export Promotion Bureau (EPB), in March this year, clothing exports were US$2.25 billion, a 20% decrease from the same period last year; exports in April were US$3.7 billion US dollars; revenue in May was US$1.23 billion; in June this year, revenue increased to US$2.24 billion. However, clothing exports still experienced negative growth compared with the previous year. Negative growth in June was about 6%. As a result, Bangladesh earned US$ 3,244.9 million from the ready-made garment (RMG) industry in July.
Furthermore, it exported RMG worth Tk 279.4991 billion (USD 27.94 billion) in the fiscal year 2019-2020 products, accounting for 84.20% of the country’s total export revenue.
According to BGMEA, at least 80% of suspended export orders have been returned due to the coronavirus. New purchase orders are also coming from other countries. For example, a large portion of purchase orders came from Bangladesh as China and Turkey pulled out due to the coronavirus.
In preparation for Christmas and New Year’s market demand, there is a huge demand for clothes in the Western world. Therefore, the relevant clothing departments stated that the RMG department may have more new purchase orders. But the incentive funds announced by the government also played an important role in turning the tide. Regarding this, BGMEA Vice President Arshad Jamal Dipu said: “We are rescheduling orders. New orders are coming, but they are few in comparison. We will have to wait until September to know the overall situation,” he added. </p
