According to sources at the garment exporters association, Bangladesh’s apparel exports have surpassed the $30.76 billion target set by the Export Promotion Bureau (EPB) for FY21. Bangladesh exported clothes worth $30.86 billion in fiscal 2020-2021, up 10% from the previous year. The computation was made by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) using data from the National Board of Revenue (NBR). The EPB, on the other hand, has yet to issue an official announcement.
The readymade garment (RMG) makers are anticipating stronger commercial success in the coming year, notwithstanding the Covid-19 epidemic. Mass immunization in the United States and Europe, two main destinations for Bangladesh’s textile exports, has aided the recovery of western orders. They are concerned, however, about rising raw material and freight costs, as well as a decline in the price of RMG items on the international market. Since the Covid-19 outbreak in Bangladesh in March of last year, RMG exports have been in steep decline. Bangladesh’s garment industry accounts for around 84 percent of the country’s total exports.
Against a target of $38.20 billion, garment exports in the 2019-20 fiscal year fell to $27.95 billion, or 18% less than the previous year. The exports increased by 10% to $30.86 billion in the most the recent fiscal year 2020-21. The annual growth rate, according to the BGMEA, is roughly 16 percent. The BGMEA expects exports to reach $33.70 billion in the fiscal year 2021-22, according to Association President Faruque Hassan, who previously stated that exports could surpass the pre-pandemic volume of 2018-19.