Bangladesh's monthly average sales from knitwear exports are expected to fall by at least 10 percent as shrinking demand and weak prices take a toll on the export-driven industry. The decline could be reflected in last month's data and last through the coming months. Bangladesh earned $3.8 billion by exporting knit textiles from July to January, the first seven months of 2008/09 fiscal year, out of total export earnings of $9.1 billion.
Textile has been Bangladesh's biggest export and foreign exchange earner, fetching about $11 billion on average annually in recent years. country's major textile competitors such as China, India, Pakistan, Vietnam, Philippines and Thailand, had provided a number of incentives to their exporters including offering loans at reduced interest rates and cutting tax on export earnings.