Bangladesh:According to data from the Export Promotion Bureau (EPB), in the fiscal year 2017-18, Bangladesh earned $3.67 billion, which is 9.32% higher compared to the $3.36 billion it earned in FY16-17
Bangladesh’s export earnings from sweater products has grown by 9% to $3.67 billion in the last fiscal year, thanks to technological upgrades.
According to data from the Export Promotion Bureau (EPB), in the fiscal year 2017-18, Bangladesh earned $3.67 billion, which is 9.32% higher compared to the $3.36 billion it earned in FY16-17.
Sweaters, a sub-sector of ready-made garments, contributed nearly 12% to the total RMG exports of $30.61 billion of FY17-18.
Speaking to the Dhaka Tribune, people involved in the industry attributed the expanding winter season in the western hemisphere as well as technological upgrades in the manufacture of sweaters for the rise in export earnings.
Additionally, there have been favourable conditions in the country such as political stability and low cost funds, though these are yet to implemented, sector people said.
The export growth could be even greater if there was enough logistical support at ports and in the transportation sector, they added.
They also expressed hope that these earnings will contribute $8 billion annually by 2021, if the government provides proper infrastructure and policy support.
“Sweater manufacturers have upgraded machinery from manual to automatic, which has increased production capacity as well as worker productivity,” Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Vice President Mohammed Nasir told the Dhaka Tribune.
In recent years, the winter season in the western hemisphere has expanded due to global climate change. This has had a positive impact on Bangladeshi sweater exports, as the demand for winter clothing has increased. As a result, export earnings have shown better performance compared to the previous year, said the BGMEA leader.
