Knitwear remains the highest contributor to Bangladesh's exports growth in the first 11 months of the just concluded fiscal year (2007-08), according to the Export Promotion Bureau (EPB).
It again crossed the target of export registering a 21.19 percent growth during the July-May period compared with this corresponding period of FY 2006-07. US$4.929 billion was earned from knitwear exports against the target of US$4.899 billion for the period in FY 2007-08.
Knitwear is the country's largest single export item and together with woven products export earnings account for over 75 percent.
The industry insiders said weak dollar, peaceful political environment and aggressive marketing have helped the sector exceed export target.
Talking to The Daily Star President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Fazlul Hoque said besides drives in the existing markets, exploration of new avenues like Poland, Russia, Uzbekistan and Turkey caused the extra-ordinary performance in the sector.
“The knitwear manufacturers are following the compliance issues very strictly as these are the main things to be competitive in the global market,” Hoque also pointed out.
Exports of woven products have also shown a strong improvement since September.
Knitwear is well ahead of woven exports, as it is able to take advantage of domestically produced inputs such as yarn. This cuts lead time and makes products more attractive to international buyers.
In the July-May period woven garment products worth US$4.63 billion were exported, a 10.62 percent up on a year earlier.
Meanwhile, total export earnings reached $12.64 billion during the period in FY 2007-08, posting a 15.33 percent growth over the corresponding period a year earlier. The EPB said $12.99 billion was the target of export earning during the period, while the overall export target was $14.5 billion.
During the period, the earnings from exports of tea, textile fabrics, raw jute, ceramic and agro products also marked a rise.
Major export earners such as woven garments, leather, frozen food, footwear, home textile, electronics, terry towel, melamine tableware, camera parts, leather bags and purses failed to achieve their export targets but recorded a growth over the performance in the same period a year earlier.
During the time exports of jute goods, handicrafts, computer services, engineering products such as bicycle, iron chain, pharmaceuticals, chemical fertilizer declined.