Bangladesh’s exports increased by 15% to US$38.76 billion in the fiscal year ended June, according to statistics released on Tuesday, driven by a resurgence in demand for garments as Western economies rebounded.
After China, the world’s second-largest clothing producer experienced an approximately US$6 billion blow in the 2019-20 fiscal year, with foreign apparel sales.
Bangladesh’s garment exports increased 13% year on year to US$31.5 billion in 2020/21, due to a 21% increase in foreign sales of knitwear items such as t-shirts and sweaters. Leaders in the garment sector expect exports to rise, but rising freight and raw material prices might stifle development. Bangladesh’s exports increased by 31% to US $ in June, setting a new high, led by more orders from the United States and Europe.
Bangladesh is seeing a record increase in coronavirus infections, leading the authorities to prolong the country’s tightest lockdown until July 14. Garment manufacturers are permitted to operate as long as health procedures are followed. Some garment workers are content because they may receive overtime earnings, which frequently account for 20% of their monthly salary. Ready-made clothes are a pillar of the economy, contributing for around 80% of total GDP.
