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Bangladesh: leather industry grows in the first two months of the fiscal year


Although it is too early to spot a trend, in the firts two months of the new fiscal year, the leather industry in Bangladesh has reported growing exports in its categories. Other footwear (no leather) with declining exports

In the first two months of the current financial year (July-August 2021)* the leather industry in Bangladesh has exported 174.71 million US dollars, an increase of 12.91% over similar period in the previous year. The exports level for the period was slightly below the target set of 175.34 million US dollars (-0.92%)

Main contributing category was leather footwear, which represented 64.4% of the total exports of the segment, with a global value of 112.58 million US dollars in period, exceeding the target set for the period by 6.17% (106.04 million US dollars) and growing by 6.98% from similar period in the previous year. 

Finished leather exports generated 19.62 million US dollars in the first two months of the year, up by 26.66% from similar period in the previous fiscal year, but missing the target set for the month (22.32 million US dollars). Leather goods contributed with 42.50 million US dollars, increasing by 24.93% from similar period in the previous fiscal year but missing the target set for the category for the period (-11.42%).

Revenue generated by exports of other footwear (56.69 million US dollars) declined by -23.34% from similar period in the previous fiscal year and missed the target set for the category in the period (-17.13%).


The Bangladesh Footwear Industry in 2020

According to the World Footwear 2021 Yearbook (AVAILABLE HERE) in 2020 Bangladesh was the 8th largest footwear producer (423 million pairs) and 9th largest consumer market (366 million pairs). The manufacturing industry in the Asian country is much orientated to the internal market with only 72 million pairs exported in 2020 (making this the 16th largest exporter of footwear). Exports of Bangladesh have been growing consistently and sharply for years but falling in 2020 for the first time in a decade.


*Bangladesh’s financial year runs from July to June

Image credits: Teng Yuhong on Unsplash
 
 
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