Garment exports up 1.6% to $2.156-B in Jan-Sep

Export earnings from garments and textile rose by nearly 1.58 percent to $2.156 billion in the first nine months of the year from $2.124 billion recorded in the same period last year, the Garments and Textile Export Board (GTEB) reported yesterday.

Garments are the country’s second largest dollar earner.

For September alone, export earnings from garments amounted to $225.622 billion, virtually unchanged from last year’s level of $225.657 billion.

The GTEB reported that apparel exports to both quota and non-quota countries amounted to $1.705 billion for the nine-month period, growing by a minimal 3.74 percent from a year-ago level of $1.643 billion.

Shipments to quota countries posted a 1.9- percent increase to $1.909 billion during the nine-month period from $1.873 billion a year earlier.

Exports to quota countries account for 88.54 percent of the country’s total garments and textile exports.

On the other hand, exports to non-quota countries dipped by 1.68 percent to $143.811 million for the first nine months of the year from $187.456 million a year ago.

The GTEB admitted that non-apparel exports absorbed significant losses in both major and emerging markets.

Total export receipts in September, the GTEB said, amounted to only $13.913 million, down by nearly 32 percent from $20.47 million in September last year.

The GTEB attributed the notable drop to stiff competition and the ongoing downward pressure on prices.

The US remains the country’s major trading partner, accounting for 73.81 percent of total shipments worth $1.591 billion.