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Sunday, April 21, 2024

Home textiles registers growth in Bangladesh after 17 months

After seventeen, Bangladesh home textile sector has finally bounced back to the positive trend in the year-on-year (YoY) export growth

According to the Export Promotion Bureau (EPB) exports of home textiles products posted a 9.9 percent YoY growth to $84.61 million in February this year, while the earnings were $77 million in the same month of last fiscal year. Before this, the sector had last experienced a YoY growth one and half year back.

The sector export earnings have been experiencing YoY negative growth since September 2022. The EPB data that home disclosed that textiles export earnings posted an 18.44% YoY negative growth to $84.96 million in September 2022.  After that, the earnings were declining every month.  

Leading exporters say home textile sector exports have been declining following the economic recession due to the Russia-Ukraine war since February 2022. Besides that, one of  Bangladesh competitors Pakistan, is also getting an advantage over Bangladesh, due to currency exchange rates, they lamented.

Despite all the challenges, Bangladeshi exporters are trying to shift some orders from other suppliers to countries like India and China, which also gave them positive feedback. They said that the order situation give a hope that march onward for home textile export will be better than the last six months’ trends.

The sales in the global market are also gradually improving.

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