Bangladesh saw its ready-made garment exports fall 1.2% in the first quarter of its new financial year, just missing the target it set.
Ready-made garment exports, which represent around 84% of national exports, amounted to US$10.45bn in the period July to October. This was a drop of 1.2% on last year, figures from the Export Promotion Bureau (EPB) show, and missed the target of $10.54bn.
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Knitwear, meanwhile, saw exports climb 4.76% to $5.8bn from $5.54bn a year earlier. Woven exports, however, dropped nearly 8% to $4.65bn. Exports of leather and leather products saw a drop of 10.6% to $283.2m.
The drop in ready-made garment exports hit Bangladesh’s merchandise exports in October, which declined 4.08% to $2.94bn. Exports were 6.03% shy of the monthly target of $3.13bn.
The government of Bangladesh recently kickstarted a process to amend its labour law to enable it to continue to benefit from the European Union’s Generalised System of Preferences (GSP) trade scheme.
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The current GSP regulation will expire on 31 December 2023, with work currently underway on plans for a new GSP. But the European Commission says fostering sustainable economic, social and environmental development of beneficiary countries, including the respect for good governance and human rights, will remain key.
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