RMG sector turns around

Published : 05 Sep 2020, 19:59

A turnaround has begun to be seen in the country's main remittance earning readymade garment (RMG) market.

The country's RMG export has risen by 47 per cent as the main remittance earner from corona is healing.

In the last two consecutive months Bangladesh has made a record export worth $300 crore each.
Export value in August was worth $336.33 crore, which is 47.25 per cent higher than last year's, according to BGMEA.

Exports were at $324.49 crore in July, it said.

Due to Covid -19, which has had a negative effect on every business, including RMG, exports dropped dramatically in the past months.

Due to Eid holiday, sources said, the first day of August didn't see any exports, adding it started to gradually get momentum with a record $20 crore export on August 13, the highest in the month.

Coronavirus spread across the USA and Europe in March followed by indiscriminate cancelation of export orders.

Because of heterogeneous problems the sector suffered a severe setback. Factories were shut down for a month because of the pandemic, while the government declared general holidays in all offices and factories.

As a result, RMG exports in the country stood at $37crore in March, the lowest in two decades.

Exports jumped in April to $123crore, and June to $225crore, source said.

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