Bangladesh's export earnings from ready-made garments (RMG) during the July-September quarter rose 45% from a year earlier to stand at nearly $3.4 billion, said Anwarul Alam Chowdhury Parvez, President of Bangladesh Garment Manufacturers and Exporters Association. Bangladesh's export earnings from the sector in September alone were more than $1.11 billion, up more than 45% over the same month of 2007.

The recession was unlikely to have had any impact on export earnings for July to September as orders for the period came in before the global economy started to melt down. RMG account for more than three quarters of Bangladesh's total export earnings, with more than 90% coming from the United States and European countries.

Sector leaders said domestic suppliers were feeling some impact from the recession with importers putting pressure on them to cut prices further. Exports hit a record $14.11 billion in the last financial year ending in June 2008, with garments generating almost $10.7 billion. Bangladesh has set a $16.3 billion export target for the year to June 2009 and the projected target for knitwear is $6.58 billion, up 19% from the last fiscal year, while the target for woven garments is $5.68 billion.