Home textile makers witness 96pc export growth in FY11-Texglobe

Home textile manufacturers have achieved a phenomenal 96 per cent export growth in the just concluded fiscal year thanks to the high price of raw materials both on local and international markets.

The country is aiming to earn one billion dollars from overseas shipments of home textile products in 2011-12 fiscal with an expected turnaround in the world economic situation.

Export Promotion Bureau (EPB) officials said export earning from home textiles has been increasing for the last five years which they expect to reach $1.0 billion in the current fiscal.

The highest export earning came with the western world experiencing a recovery from the global financial recession, when it stood $788.76 million in the just concluded financial year registering a 96 per cent growth compared to the corresponding period in the previous fiscal of 2009-10.

The home textile export target for fiscal 2010-11 was fixed at $563.50 million

Earnings came to $402.49 million in the year before.

The sector earned $256.97 million in 2006-07, $290.35 million in 2007-08, $313.51 million in 2008-09 and it stood at $788.76 million in 2010-11 financial year, EPB data showed.

EPB has set $985.95 million earning target for home textiles for the current fiscal year.

"Home textile is a promising sector, the export earning from which is increasing year by year. And I am confident that the sector will earn $1.0 billion in 2011-12 fiscal," Jalal Ahmed, vice chairman of Export Promotion Bureau, told the FE.

The main reason is the cost-competitiveness of the Bangladesh products compared to its main competitor China due to the latter's increasing cost of production, he explained.

Industry insiders said the demand for home textiles from Bangladesh has increased mainly for production shortfall in two major home furnishing producers-China and Pakistan.

Bangladesh exports home textiles such as bed sheets, bed covers, pillow covers, cushion covers, curtains, rugs, quilt, kitchen aprons, gloves, napkins and table cloths to European Union countries, the UK, the USA, Canada, Mexico, Australia, Japan and Dubai.

Nurul Islam, chairman of Noman Group, one of the largest home textile makers in Bangladesh, said the export of home textiles increased in terms of value because the buyers are now paying higher due to the price hike of raw materials such as raw cotton and yarn.