October exports surge to $4.73b

Bangladesh has broken the monthly exports record with $4.73 billion of goods shipped in October as the global economy shows signs of recovery from the effects of the coronavirus pandemic.

October’s exports grew 60.37 per cent year-on-year, reports bdnews24.com.

Exports set the previous record in September, rising 37.99 per cent year-on-year to $4.16 billion.

Overseas sales led by garments in the first four months of the fiscal year increased 22.62 per cent to $15.75 billion from the same period a year earlier, according to data released by the Export Promotion Bureau on Tuesday.

Garment exports that account for more than 80 per cent of the nation’s shipments grew 20.78 per cent year-on-year to $12.62 billion in the July-October period.

“The international market of garments is robust now. Our orders have increased much. It appears that the apparel export outlook will remain buoyant for the next few months,” Mohammad Hatem, president of Bangladesh Knitwear Manufacturers and Exporters Association, said.

Readjusting the prices of clothes after a nearly 40 per cent hike in yarn prices contributed to growth in Bangladesh’s garment exports, according to Hatem.

“Garment prices should increase by at least 20 per cent in the new readjustment. Although the rise did not reach that level, prices have somewhat increased.”

“China and Vietnam are facing some troubles. Some orders are being shifted to Bangladesh from there,” Hatem said, calling for policy support from the government to keep up the robust growth.