Knitwear Is The Main Source Of Export Revenue In Bangladesh.

In the first 11 months of Bangladesh's 2007-08 financial year, knitwear remained the highest contributor to Bangladesh's export growth, according to the Bangladesh Export Promotion Council. In the 7-5 months of 2007-08 fiscal year, Bangladesh's exports of knitted goods increased by 21.19% over the same period last year. In the first 11 months of the 2007-08 fiscal year, the export revenue of knitwear reached US $4 billion 929 million, with a target of US $4 billion 899 million. Knitwear is the largest single export item in Bangladesh, plus the export revenue of woven products, which accounts for 75% of the total export revenue of Bangladesh. Insiders from the knitting industry say that the depreciation of the US dollar, the peaceful political environment and aggressive market behavior will help the knitting sector exceed the export target. Fazlul Hoque, President of Bangladesh knitwear manufacturers and Exporters Association (BKMEA), said that in addition to promoting the existing market, opening up new markets, such as Poland, Russia, Uzbekistan and Turkey, will bring supernormal results to the knitting sector. Knitwear manufacturers insist on adhering to the compliance problem, which is a major factor in their competitiveness in the global market. Since September, the export of woven products has also shown a strong growth. The export of knitwear is far ahead of the export of woven products, because knitwear benefits the import of domestic products, such as yarn. This reduces the delivery time and makes the products more attractive to international buyers. In the 7-5 months of 2007-08 fiscal year, the export volume of Bangladesh woven products reached US $4 billion 630 million, up 10.62% from the same period last year. In addition, in the 2007-08 fiscal year, Bangladesh's total export revenue reached $12 billion 640 million, an increase of 15.33% over the same period last year. The Export Promotion Council said that the export target for the same period was US $12 billion 990 million, with a total export target of US $14 billion 500 million. During this period, exports of tea, textile fabrics, raw linen, pottery and agricultural products also rose. The main export revenue sectors, such as woven garments, leather, frozen food, footwear, household textiles, electrical appliances, fluffy towels, melamine tableware, camera parts, leather bags and wallet, failed to achieve export targets, but a year-on-year growth rate was recorded. Exports of jute commodities, computer services and engineering products, such as bicycles, iron chains, pharmaceuticals and chemical fertilizers, have declined.