- Angela Gonzalez-Rodriguez |
Exports of woven garment to the European Union (EU) from Bangladesh have shown a sustained increase recently, helping exporters compensate the loss from the US market, industry insiders said.
As reported by the ‘Financial Express’, despite a weakening euro, Bangladeshi apparel makers say shipment of woven items to the Common Market in Europe is on the rise, driven by relaxed rules of origin made effective in 2011, as point out data gathered within the 'State of the Bangladesh Economy in FY2015 and the Closure of Sixth Five Year Plan' report by the Centre for Policy Dialogue (CPD).
On the contrary, shipment of woven apparel to the US market dropped a 1.6 percent, but export of woven products to the EU posted a 7.0 per cent growth in July-April of the outgoing fiscal year, compared with the same period a year ago, according to Export Promotion Bureau (EPB) data.
In fact, Bangladesh’s exports of woven and knit products to the EU amounted to 5.29 billion dollars and 7.13 billion dollars respectively during the same period, the data showed.
With regards to the weakening of the exports to America markets, local manufacturers blamed the tragic industrial accidents including the Rana Plaza building collapse and Tazreen fire as well as 2013 political turmoil.