Bangladesh readymade garment (RMG) exports are likely to grow by around 15 percent in 2011-12 over last fiscal, according to experts.

As per the statistics released for the first five months of the current fiscal by the Export Promotion Bureau (EPB), Bangladesh’s overall exports have grown by 18 percent year-on-year compared to a growth rate of 40 percent y-o-y observed last fiscal.

In July this year, exports from Bangladesh rose by 28.7 percent y-o-y, followed by a rise by 32.4 percent y-o-y in August. However, the growth rate declined to 2.29 percent y-o-y in September, 15.44 percent in October and 2.4 percent in November.

Speaking to fibre2fashion, Mr. Shubhashish Bose, Vice Chairman of EPB, said, “Bangladesh’s export target for 2011-12 is US$ 26.5 billion, which is much more than last year. We have figures from July to November 2011 and our exports have been worth US$ 9 billion during the five-month period and we hope we will be able to achieve our targets by the end of the year.”

“Out of the total exports, the RMG sector constitutes about 78-80 percent,” he informs.

Commenting about the likely growth in country’s garment exports this fiscal, he says, “It is uncertain how the Eurozone crisis develops and whether it will degenerate in recession. As of now, I foresee a double digit growth rate with the overall growth at around 14-15 percent this fiscal.”