RMG exports to US up by 2.95% this July-August compared to last year: EPB report
Bangladesh’s apparel exports to the United States (US) went up 2.95% in July-August of the current fiscal year compared to the same period of the previous fiscal year, according to statistics released by the Export Promotion Bureau (EPB). During the period, the RMG exports to the US increased from $1.42 billion to $1.46 billion, Bangladesh Garment Manufacturers and Exporters Association Director Mohiuddin Rubel said citing the EPB data. Apparel exports to the EU increased by 11.81% from $3.44 billion to $3.85 billion compared to the same period last fiscal. Exports to some major EU markets such as Spain, France, Italy, Netherlands and Poland also increased by 26.94%, 8.45%, 28.73%, 18.95% and 26.37% respectively. However, exports to Germany, Bangladesh’s second-largest export destination, declined by 6.29% year-on-year to $994 million. During the July-August period of FY 2023-24, exports to the UK and Canada reached $976.75 million and $243.44 million, and both markets grew by 19.14% and 7.22%, respectively. At the same time, Bangladesh’s garment exports to non-traditional markets increased by 21.94% to $1.47 billion. Among major non-traditional markets, exports to Japan, Australia and South Korea increased by 33.97%, 49.52% and 19.51% respectively.
A sudden surge in orders to test RMG, textile sectors’ capacity
Bangladesh might be the second-largest apparel supplier in the world, but its current installed capacity will not be adequate to meet demand if orders surge significantly as buyers shift away from countries such as China and Vietnam. On the back of the existing capacity, the country exported garment items worth $46.99 billion in the last fiscal year, registering a 10.27 percent year-on-year growth, according to data from the Export Promotion Bureau. China sold apparel items worth $182 billion globally and Vietnam shipped products amounting to $35 billion in 2022.
Cabinet body approves wheat import from Russia
The government has approved import of 0.3 million tonnes of wheat from Russia under government-to-government arrangement at a total cost of Tk 10.32 billion or Tk 33.43 per kilogram. The Directorate of Food will import the cereal as approved by the Cabinet Committee on Government Purchase at its meeting held virtually on Wednesday, with finance minister AHM Mustafa Kamal in the chair. Bangladesh has taken the import decision days after the visit of Russian Foreign Minister Sergey Lavrov to Bangladesh when he expressed the interest to export the commodity, among other items. Bangladesh has been facing complications over sending and receiving import and export proceeds to and from Russia following the start of Russia-Ukraine war in February last year, and the subsequent western sanctions on transactions with most of the Russian banks.
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