Garment export might recover by Oct: BGMEA
Garment export might help to make a full recovery to pre-pandemic amounts by October this season as shipments are actually rebounding with the reopening of Western shops, said the BGMEA president yesterday.
Between July and April of the current fiscal year, receipts were up 6.24 % year-on-year to $26 billion, showing the resilience of the sector amidst the fallouts of Covid-19.
Of the sum, $13.99 billion came from knitwear, which registered 15.34 % year-on-year growth. Revenue from woven fell 2.71 % to $12 billion.
Knitwear shipment is increasing while people are spending additional time indoors. Due to the pandemic, demand for woven garment, such as formal t shirts and trousers, possesses fallen. Woven exports declined by a lot more than 10 per cent in most months in the last one year.
April saw the cheapest decline, meaning now the segment is rebounding because of gradual reopening of retailers and offices.
"The style of garment shipment is good with the rise in demand under western culture," said Faruque Hassan, president of the Bangladesh Garment Makers and Exporters Association (BGMEA), in a press briefing at its Gulshan office in Dhaka.
"I hope the entire restoration of exports from the garment sector will come to be by October this season," he said.
"We happen to be hopeful because most the persons in the US have previously accomplished the vaccination and the buyers started likely to the shops which indicates that the economy is definitely rolling on," he explained.
"…and consequently the demand for consumer items, specifically for garment items, is going up," said Hassan.
European retailers and brands have started reopening stores while individuals are spending more, for which demand for Bangladeshi garment items in addition has been growing.
Moreover, do the job orders are appearing shifted to Bangladesh from various other countries like China, because of competitive rates and the Covid-19 setbacks.
Currently, the US may be the single major destination for Bangladesh's garment export, with practically $6.5 billion worth of garment items being delivered in a year.
Of all that's exported to the US, 90 % is garment items.
In case of europe, Bangladesh exports a lot more than $21 billion worthy of of garment items on a year, which amounts to 63 per cent of the country's apparel shipments on a year.
Hassan also urged the federal government to consider garment personnel as frontline personnel like doctors as they have continued working to keep the tires of the industries jogging even though the pandemic was at its most extreme stage.
So garment workers need to be vaccinated on important basis on the availability of the jabs in the united states, Hassan told the journalists.
So far, no employee has succumbed to the virus even though some had been infected.
However, Hassan cannot state the precise number of employees in the garment sector who had been infected over the last one . 5 years.
He also demanded a good 10 per cent incentive on export receipts from garment things created from manmade fibres, reasoning that the united states was lagging behind in trade of garments created from this specialised fabric.
Demand for garment products produced from manmade fibres is quite high in comparison to that out of cotton fibres.
Some 80 % of garments sold in international market segments are produced from manmade fibres like polyester, polymer and staples.
However, 80 % of Bangladesh's total garment export is manufactured out of cotton fibres.
This is among the major reasons for lower prices being garnered from international retailers and brands.
A global slump in demand for garments in addition has been affecting the price level over the last year or two, especially since the rise of the pandemic, Hassan said.
