Bangladesh’s export earnings for merchandise grew in August from the rise in demand with the reopening of retail shops in the US and EU of 4.32 percent year-on-year to $2.96 billion. In June and July, because of the ongoing COVID-19 pandemic, BGMEA allocated this increase to the release of products trapped in warehouses. In July foreign retainers and labels returned from Bangladesh to the country with new work orders and approved previously canceled ones. Garment shipments from Bangladesh came back again.
According to Export Promotion Bureau statistics, in August, however, export receipts were 11.72% lower than the monthly target of $3.36 billion. Furthermore, exports of garments dropped by 0.06% year-on-year to 5.81 billion dollars from July to August, even as total export profits rose 2.17% to 6.87 billion dollars simultaneously year-on-year. Of the overall exports of the clothes, the sum was $3.11 billion, and tissues came in $2.59 billion. Knitwear exports grew by 6 6.64% during the July-August period, while tissue dropped by 7.06%.
In July, the overall export sales in total have risen by 0.59% to 3.91 billion dollars a year and are also 13.39% higher than the monthly target of 3.44 billion dollars. The sector will recover in line with increased export orders as the manufacturing of medium and basic clothing products in Bangladesh are very high.