Standard Group exports to cross $145 million mark

Standard Group, one of the country's leading ready-made garment (RMG) manufacturing companies, said its export will increase by more than 10% this year exceeding US$ 145 million. This export surge is due to the increased demand from the US, Canada and the European Union with sales of trousers and skirts doing particularly well.

The group, having more than 10 factories, exported apparel worth $130 million in the last fiscal year and according to the Managing Director of Standard Group Mosharraf Hussain, we target an increase of 10% per annum and in coming year, we expect our exports to grow more than 10%. The woven and sweater production has been maintaining a steep rise over the last few years, and the company will now focus on establishing spinning mills to source yarn from its own mill.

Higher competition from other countries like China, Vietnam, Pakistan and India contributed to a reduction of profit margin in the global RMG markets, although buying orders in Bangladesh have been increasing. Investors in the sector said the country's position in the global RMG market has strengthened due to the recent appreciation of Chinese currency against the US dollar and political turmoil in Pakistan.