Export earning in RMG increases by 8.3 pc

Export earnings from the Readymade Garment (RMG) increased by 8.3 percent or US dollars 584.87 million in October to December quarter of 2017 than the corresponding quarter of previous year 2016.

According to Bangladesh Bank data, export earnings from RMG stood at 7,628.67 million dollars during the October to December quarter of 2017 which was 7,043.8 million dollars in the same quarter of 2016. Reports BSS.

During the October to December period, export earnings from RMG sector increased by 6.78 percent or 484.55 million dollars than the previous quarter (July-September) in 2017.

RMG is the major export item, which was 82.4 percent of the country's total export earnings of 9253.29 million dollars in the October to December quarter.

Data showed that 40.85 percent and 41.59 percent of total export earnings were received from woven garments and knitwear respectively. Export earnings from woven garments stood at 3780.35 million dollars during the period while knitwear was 3848.32 million dollars.

Talking to BSS, president of the Bangladesh Malaysia Chamber of Commerce and Industry (BMCCI) Syed Moazzam Hossain said, RMG sector is the country's largest foreign currency earner.

For taking different initiatives from the government and other authorities concerned, he said, the production of RMG products are increasing and thus export earnings from the sector is also increasing gradually.

Moazzem, also an exporter of RMG product, said although the production level is increasing, exporters do not get expected price for their products as buyers are dominating in international market.

According to the Bangladesh Bank data, about four million of total manpower is working in 4,482 garments factories. Employment in RMG sector increased from two million in fiscal 2004-05 to four million in 2011-12. The figure of the RMG workforce remained unchanged till Fiscal Year 17.

AH