Mohammad Nurul Alam
Bangladesh home textile exports bounced back with good business after 17 months of negative growth. The sector has finally gained a positive trend in the year-on-year export growth.
Home textiles products export recorded as 9.9% year-on-year growth to $84.61 million in February of 2024 and the earnings were $77 million in the same month of 2023, according to data provided by the Export Promotion Bureau (EPB).
In the fiscal year 2022-23 the export declined 32.47 % to $1.09 billion in and the negativity continued in the first seven months of the current fiscal year 2023-24 the export fell 34.37 % to $454.74 million between July and January.
As per EPB data since September 2022 the sector export earnings have been declined as 18.44% year-on-year negative growth to $84.96 million.
In the fiscal year of 2020-21 home textile export crossed the $1-billion mark. Historically Bangladesh started its journey as a home textile manufacturer in the 1980s and managed to get $150 million in its early journey (FY 2004-05) as an exporter.
There are many factors to be considered for declining the export and among all local gas-price hike, has significantly impacted Bangladesh home textile sector, industry insiders said. Bangladesh home textile manufacturers are asking subsidy on fuel price from the government to be sustainable and competitive in the global market.
Currently, only eight mills are actively manufacturing and exporting home products whereas it was 38 mills in number a few years ago.
Zaber & Zubair Fabrics, Towel Tex, Mosharraf Group, Saad Musa Group, Alltex, ACS Textile, Apex Weaving, Regent, JK Group, Classical Home etc have established themselves as strong exporters in Bangladesh.
Home textile sector is included with bed sheets, bedcovers, pillow covers, cushion covers, curtains, rugs, quilts, kitchen aprons, gloves, napkins and tablecloths, mainly to export for countries in the European Union, the products are also exported to the USA and Canada.
Sources said The global home textile market size was accounted for USD 124.9 billion in 2022, and it is expected to hit around USD 225.37 billion by 2032, growing at a CAGR of 6.08% during the forecast period from 2023 to 2032.
Bangladesh’s share in the global home textile export market is only 7%. So, manufacturers said Bangladesh has the potential to grab the global market through proper planning and innovation.
