Export profits spurt by over 6pc in Nov driving on RMG merchandise

Business Desk, Shahin Islam, Dhaka Office: Dhanmondinews.com:- Export profits spurt by over 6pc in Nov driving on RMG merchandise, Export income in November multiplied by using 6.22 in step with cent and reached US$ 3.05 billion, thanks to a strong rebound generated via the better shipments of garb products, which logged a growth of seven.46 consistent with cent inside the first five months of the 2017–18 economic yr.

According to the Export Promotion Bureau (EPB), shipments of key readymade clothes, comprising knitwear and woven objects, totalled USD eleven.96 billion all through the beyond 5 months, up 7.Five in line with cent from the same period of 2016.

Explaining the reasons, the senior vice-president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Faruque Hassan, instructed The Independent, “We have invested around USD 4 billion in place of business safety and occupational health. Another reason is that our forex has depreciated in opposition to all different foreign currencies, which has helped businesspersons, specially the ones associated with the export enterprise,” he introduced.

He additionally said sixty three in line with cent and 18 consistent with cent of readymade garment (RMG) merchandise are exported to Europe and the USA.

“October to January—these 4 months include the peak season for the RMG enterprise as we manufacture items for the following year’s spring and summer time seasons,” explained Hassan.

He also mentioned that a complete of 67 Bangladeshi RMG factories have received Leadership in Energy and Environmental Design (LEED) certification from america Green Building Council (USGBC) since 2011.

Such modernisation of the enterprise has helped it regain foreign buyers’ self belief.
Explaining the limitations, Hassan said, “We import raw materials like cotton and petrochemical products from overseas. It increases manufacturing costs and the overhead fee as well.”

Woven products earned USD five.Seventy one million in the first 5 months, a three.99 per cent upward thrust as compared to the equal period of the preceding year, even as the knitwear enterprise earned nearly USD 6.24 million, posting boom of 10.86 in keeping with cent.

For July to November of the 2017–18 financial 12 months, agricultural merchandise inclusive of tea, vegetables and tobacco soared through 17.77 in keeping with cent and fetched some USD 259.Sixty five million. Export Promotion Bureau (EPB) officials stated the leather and leather merchandise exports declined by way of a very vast amount, with poor boom of two.Ninety five in line with cent.

“Around sixty five,000 to 70,000 human beings used to paintings within the tanneries at Hazaribagh earlier than we shifted all the factories to Savar. As a end result, many human beings have lost their jobs. This has impacted the exports of leather items,” stated a tannery owner, Shaheen Ahamed.

EPB data also indicates the increase of jute and jute goods has increased considerably and reached 16.Fifty one in line with cent. This region fetched USD 451.01 million in the first five months of the 2017–18 economic year.

Industry professionals stated exports of modern products which includes shopping baggage, jute promotional baggage, canvas tote luggage and domestic decor merchandise to international locations like Germany and Austria have boosted export boom.

According to the EPB, exports went up to six.7 in step with cent and fetched USD 14.Fifty six billion in the first 5 months (July– November) of the 2017–18 economic year.

 

Business Desk, Dhanmondinews.com