Jan-Sept RMG exports to US grow 26.37pc
The country’s apparel exports to the United States, in terms of both volume and value, continued to rise and maintained a double digit growth during the first nine months of this calendar year. Bangladesh fetched US$ 5.0 billion from readymade garment (RMG) exports to its single largest destination during the January-September period of 2021, according to OTEXA, an affiliate of the US Department of Commerce. The earnings were 26.37 per cent higher compared to the earnings of $3.95 billion in the corresponding period of last year. During the nine-month period under review, Bangladesh shipped 1.86 billion square metres of apparel items, up by 33.83 per cent from 1.39 billion square metres in the same period of 2020.Bangladesh’s main competitors China and Vietnam also witnessed 25.13 per cent and 15.11 per cent growth respectively. Bangladesh’s RMG exports to the USA were $5.22 billion in 2020, down from $5.92 billion in 2019, according to the data. The overall apparel imports of USA from across the world during the period under review also increased by 24.57 per cent to US$ 58.58 billion from $47.02 billion during the same period of 2020, data showed. During January to September of 2021, the US imported apparels worth $ 13.74 billion from China and $ 10.83 billion from Vietnam. Apparel exports from other major sourcing destinations like India, Pakistan and Honduras grew by 33.29 per cent, 62.62 per cent and 56.27 per cent respectively. Cambodia and Indonesia’s exports to the US saw 15 per cent and 7.45 per cent growth respectively, according to data. Buyers have increased their garment sourcing inspection and audit volumes by 49 per cent and 67 per cent in Bangladesh and India during Q3 of 2021 compared to the pre-pandemic period of Q3 in 2019.
The Business Review Meeting-2021 of Dhaka Bank Ltd for northern region branches
The Business Review Meeting-2021 of Dhaka Bank Ltd for northern region branches was held recently in Rajshahi. Emranul Huq, managing director & CEO of Dhaka Bank Ltd, presided over.
Most listed multinationals see profit growth in Jul-Sep
Most listed multinationals logged higher profits during this year’s July-September quarter, compared to the same period a year ago, riding on increased sales in the last two months of the quarter following a three-week countrywide lockdown in July. Of the listed 13, seven registered higher profits, four logged lower profits, and two remained in losses. Profits of Singer Bangladesh dropped by around 70 per cent to Tk 12 crore. Meanwhile, Berger Paints registered 33 per cent lower profits at Tk 44 crore. The company said its profits decreased significantly due to an increase in the prices of raw material in the international market. Among all the multinationals, Grameenphone logged the highest profit of Tk 855 crore whereas it was Tk 859 crore a year earlier. Meanwhile, Bata Shoes incurred the highest loss of Tk 11.4 crore. Robi Axiata saw the highest growth in its profits, 126 per cent, to Tk 86 crore from Tk 38 crore the year before. Similarly, RAK Ceramics’ profits grew 58 per cent to Tk 19 crore and LafargeHolcim’s profit rose by 43 per cent to Tk 93 crore.
Deshbandhu invests Tk 800cr to expand in export markets
Deshbandhu Group invested around Tk 800 crore in the last one year despite the business uncertainty caused by the coronavirus pandemic as it looks to expand its footprint in the overseas markets. At a time when many companies put a halt to their investment plans, Deshbandhu continued to invest in its food, beverage, packaging, garment, and other entities. Of the Tk 800 crore, around Tk 200 crore was invested in its food and beverage concern. Export-oriented Deshbandhu Packaging received an investment of Tk 230 crore, the sweaters and apparel concerns Tk 250 crore, and other concerns around Tk 120 crore. The annual turnover was Tk 2,400 crore in the last financial year. The new equipment will double the production capacity of Deshbandhu Food and Beverage, which can produce 24,000 bottles of beverage per hour now. In March, Deshbandhu Group announced it would raise $250 million, or Tk 2,100 crore, from international investors by issuing a sukuk, an Islamic financial certificate, as the conglomerate looks to expand its business and repay local debts.