CPD RMG Study Stitching a better future for Bangladesh
Every day, CPD RMG Study team reveals what’s on our economic and apparel radar and curates a selection of the best reports, opinion, and analysis you may have missed.
13 more factories complete Corrective Action Plans of alliance
The Alliance for Bangladesh Worker Safety have announced the completion of all material components outlined in their Corrective Action Plans (CAPs) in thirteen additional factories. With this, the number of companies in the alliance, who completed all material components of CAPs, has been pushed up to 247. The Alliance also continued to enforce accountability measures in November for factories that failed to make adequate remediation progress.
RMG export to US down 4.22 per cent
With higher shipments from competing countries such as China, India and Vietnam, Bangladesh experienced a fall in its apparel export to the US. According to data from the US Department of Commerce, garment export to the country declined by 4.22 percent year-on-year to $4.54 billion. Indonesia, South Korea and China experienced similar descent. In contrast, India, Vietnam, Pakistan and Mexico’s exports rose.
Considering the garment export growth to the US, Bangladesh now stands at sixth behind China, Vietnam, India, Pakistan and Mexico.
Local value addition of RMG at 73.82 per cent
In the first quarter of FY18 Bangladesh’s Ready-Made Garments industry recorded a value addition of 73.82 per cent. The statistics was unveiled in the quarterly review report of the central bank on RMG sector. The local value addition was calculated on the basis of the raw materials import. The value of the back-to-back import stood at $1.87 billion in July-September period of the current fiscal year while the total value of RMG export stood at $7.14 billion.
Local value addition has been almost static in terms of ratio for the last few years.
