DHAKA, Nov 8 (Reuters) - Bangladesh’s exports rose in October for the fourth month in a row, official data showed on Thursday, thanks to improving readymade garment orders.
Exports jumped 6.25 percent in October from a year earlier to $2.08 billion, the Export Promotion Bureau said. Total exports for July-October, the first four months of Bangladesh’s financial year, were up 3.08 percent to nearly $8.37 billion.
From March through June, Bangladesh’s monthly exports were lower than the previous year.
In October, exports of ready-made garments were $1.63 billion, compared with $1.5 billion in the same month of 2011. For the four months ended in October, garment exports totalled $6.63 billion, 5 percent more than a year earlier.
However, exporters said growth in garment sales in the current fiscal year would likely be less than 10 percent compared to last year’s figures due to the slowdown in global economy.
For the financial year ended June 30, garment exports rose 6.6 percent to $19 billion while total exports increased 5.9 percent to $24.3 billion -- short of the government’s $26.5 billion target as garment demand from key Western markets waned.
The government set an export target of $28 billion for the fiscal year that began on July 1.
In recent years, there has been a dramatic shift in global garment orders from China to lower-cost Bangladesh, where garment factories employ around 4 million workers, mostly women.
Bangladesh’s low labour costs have helped it join the global supply chain for low-end clothing, making garments for companies such as H&M, Tesco, JC Penney, Wal-Mart, Kohl‘s, Marks & Spencer and Carrefour. (Reporting by Ruma Paul; Editing by Anis Ahmed and Ron Popeski)