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Bangladesh: RMG exports earnings moves North in Q1

The growth of the readymade garment (RMG) sector in Bangladesh has been spiraling with time. The country’s apparel export earnings from Russia, China and Chile registered an immense growth in the first quarter of the current financial year while earnings from most non-traditional markets including India, Turkey, Brazil and Australia suffered a negative growth in the period.

Readymade garment export to Russia in the July-September period of FY17 registered a whopping 61.67 per cent growth to touch $49.10 million from $30.37 million in the same period of FY16, according to an Export Promotion Bureau data. Apparel export to China in Q1 of FY17 grew by 42.35 per cent to $82.71 million from $58.10 million in the same period of FY16. Exporters say RMG export to Russia registered an encouraging growth as the country reduced its import from Turkey due to political reasons. China’s shift from production of basic garments to high-end products was the reason for the strong growth in Bangladeshi RMG export to China while export to Chile witnessed robust growth due to duty-free market access.

On the down side, RMG export to Brazil fell 56.11 per cent to $17.67 million in the July-September period of FY17 while export to South Africa went down by 24.46 per cent to $15.80 million while exports earnings from Australia declined by 12.30 per cent to $142.81 million.

 
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