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Bangladesh’s leather industry has set new targets for its exports

Bangladesh's leather industry has set new targets for its exports
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The country has set a target of 1.03 billion US dollars for the leather segment in its new fiscal year. Bangladesh’s financial year runs from July to June.  A month has passed already, and leather footwear and finished leather are on target. Leather products missed the target set for the month.

In the first month of the current financial year (July 2021) the leather industry in Bangladesh has exported 90.52 million US dollars, a similar amount to the one registered in the first month of the previous year (+0.6%). The exports level for the period was over the target set by 2.42%.

Main contributing category was leather footwear, which represented 60% of the total exports of the segment, with a global value of 54.22 million US dollars in the month of July 2021, meeting the target set for the period (53.15 million US dollars).

Finished leather exports generated 11.07 million US dollars in the first month of the year, up by 34.67% from similar period in the previous fiscal year, and overcoming the target set for the month (11.19 million US dollars). Leather goods contributed with 25.20 million US dollars, increasing by 14.33% from the performance in July 2020.

Revenue generated by exports of other footwear (27.38 million US dollars) was down by 43.57% from similar period in the previous fiscal year and missed the target set for the category in the period (-20.15%).

The Bangladesh Footwear Industry in 2020
According to the World Footwear 2021 Yearbook 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.

Source: Online/KSU

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