Garments export increases 11.67 percent

Rtv online report

02 Jun 2018, 00:00

In the current year’s January-March term the export earnings from garments items has increased by 84 crore 25 lakh dollars. It is 11.67 percent higher than the previous year.

Follow Rtv Online English on Google news

A high ranking officer of Banglades Bank said, garments sector of Bangladesh is going on forward though price in the international markets has decreased. This is happening for political stability in the country.

He mentioned that the production has also increased.

According to the central bank’s information, 806 crore dollars were earned through garments export in these three months. It was 721 crore dollars in the same period of the year 2017.

Readymade garments are the main export earning sector of the country. In the last term 85 percent of the total export earnings have come from this sector.

President of Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) Moazzem Hossain said, the foreign exchange that comes from different parts of the world, of those lion portion comes from the readymade garments export.

He mentioned that following government initiatives and concerned authorities involvement the success is achieved. He said, production in this sector is increasing and as a result export earnings are also increasing.

He also mentioned that buyers are getting the most benefits from Bangladesh market. The reason is that at one side production is increasing, on the other hand the exporters are not getting their desired prices.

According to Bangladesh Bank information, about 40 lakh people are working in 4 thousand garments factories. The number was 20 lakh in one decade ago.

USA, Germany, UK, France, Spain, Italy, Belgium, Netherlands and Canada are the main countries that imports readymade garments products from Bangladesh.

In the last quarter the export was 644 crore dollars to these nine countries.

Comments

Most Viewed News Of Economy

Bribery, corruption main barriers to promote business in Bangladesh: US report

The '2024 National Trade Estimate Report on Foreign Trade Barriers' published on March 29 identified barriers to government procurement, intellectual property protection, digital trade, investment and labour rights in Bangladesh. According to the NTE report published by United States Trade Representative Catherine Tai, the United States faces several obstacles in doing business with Bangladesh. Bangladesh faces obstacles in the export of goods and services, foreign direct investment and e-commerce. NTE reports have been published regularly since 1985. This year's NTE report highlights significant foreign trade barriers in 59 markets. According to the report, corruption is a widespread and chronic problem in Bangladesh. And the implementation of anti-corruption laws is not enough. It also said that bribery and extortion are common in commercial transactions despite bribery transactions and gifts being illegal. US companies have also complained that they are forced to pay bribes to get licenses. The report also mentions that the government has tried to weaken the anti-corruption rules in procurement. According to the report, US companies have complained that it takes a long time to get licenses and tenders approved because government officials in Bangladesh demand bribes.

Export earnings rise 10% in March

The export of goods valued at $5.10 billion in March this year. Export earnings increased by about 10 percent. This information was revealed in the updated report of the Export Promotion Bureau (EPB) released on Tuesday (April 2). However, The earnings from exported goods fell short of the export target form the last month by 0.88 percent. In the first nine months (July-March) of the current fiscal year, overall exports worth $43.55 billion, which is 4.39 percent higher than the same period of the previous year, according to the EPB data. Meanwhile, export earnings in readymade garments, agriculture and plastic sectors have increased. In the nine months of the fiscal year, export earnings in the readymade garment sector increased by about 5.5 percent.

LPG price cut by Tk 40 for 12 kg cylinder

Bangladesh Energy Regulatory Commission (BERC) has reduced the price of a 12-kg cylinder of liquefied petroleum gas (LPG) by Tk 40 at the retailer level. The newly fixed price of LPG is Taka 1,442, which was Taka 1,482. BERC Chairman Nurul Amin announced the new price at a press conference on Wednesday (April 3) noon. The new prices will be effective from 6 pm. Meanwhile, On March 3, the price of LPG was increased at the consumer level for the eighth consecutive month. Earlier On February 4, the BERC raised the price of a 12-kg cylinder by Tk 41 to Tk 1,474.

BASIC Bank to merge with City Bank

This time, BASIC Bank will merge with City Bank. This decision was taken in a meeting held at Bangladesh Bank on Monday. The decision was taken at a meeting held at Bangladesh Bank on Monday (April 8). The meeting was held between Bangladesh Bank Governor Abdur Rauf Talukdar and City Bank Chairman Aziz Al Kaiser along with Managing Director (MD) Mashrur Arefin. Earlier on March 19, City Bank's board was advised to merge BASIC Bank. Then the matter was discussed between the boards of City and BASIC Bank. According to some sources, even if the two banks are merged, they will report separate financials for the next three years.

Gold prices hit a record high

Gold prices creating records one after another in the world market. The price of this precious metal is constantly increasing. For the first time in history, gold prices rose above $2,400 per ounce to an all-time high on Friday ( April 12). Earlier, on April 5, gold prices crossed $ 2,300 an ounce for the first time in the world market. Just seven days later, on Friday, the price exceeded $ 2,400. Which is the highest in the world market. Experts had expected the price of gold to exceed $ 2,300 per ounce this year. It has already exceeded. The price of gold will increase further. Economist Mahfuz Kabir said that the price of gold is increasing in the world market mainly due to the Federal Reserve's indication of reducing interest rates and geopolitical tensions. When interest rates fall, people choose gold as a medium of investment. As a result, the price surges. Gold is now being sold at the highest price in the world market. This price may increase further.

Bottled Soybean oil prices raised by Tk 4 per litre

The price of bottled soybean oil has been hiked by Tk 4 on the other hand the price of loose soybean oil reduced by Tk 2 per litre. State Minister for Commerce Ahasanul Islam said this at a press briefing at the secretariat on Thursday (April 18). According to the new decision, price of bottled soybean oil hiked to Tk 167 from Tk 163 per litre. The State Minister said that the price of loose soybean oil has been reduced to Tk 147 from Tk 149 per liter. However, the price of bottled soybean oil has been increased from Tk 163. This price will be effective from tomorrow. Earlier, on Monday Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers proposed the government to raise the price of soybean oil by Tk 10 to Tk 173 per liter.

Garments export increases 11.67 percent

Bribery, corruption main barriers to promote business in Bangladesh: US report

Export earnings rise 10% in March

LPG price cut by Tk 40 for 12 kg cylinder

BASIC Bank to merge with City Bank

Gold prices hit a record high

Bottled Soybean oil prices raised by Tk 4 per litre

China's March exports and imports shrink, miss forecasts by big margins

Export earnings rise 10% in March

China's Huawei continues rebound with strongest earnings growth since 2019

Taiwan air force to increase late night flight training