Wednesday, February 20, 2019

Bangladesh exports exceed target by 8% to $24.18bn in July-January

  • Abdur Rahim Harmachi, Chief Economics Correspondent, bdnews24.com
    Published: 2019-02-06 22:11:20 BdST

bdnews24

Bangladesh has enjoyed an uptick in export earnings for the fifth straight month of the current fiscal year.

Exports grew 14.39 percent to $24.18 billion in the first seven months of the current fiscal (July-January) over the same period a year earlier, riding on higher garment shipments, according to data released by the Export Promotion Bureau on Wednesday.

This figure is 8 percent more than the target of $22.4 billion set for the period.

Analysts, bankers and exporters are hoping export earnings will increase further in the coming months due to stable political environment after the general election.

“The export earnings have paced up. The export growth between 14 and 15 percent looks good. Sheikh Hasina's government took charge after the election. There is no instability. The continuity of the government means the continuity of development. That would be the case of export trade, " Bangladesh Institute of Development Studies (BIDS) Researcher Zaid Bakht told bdnews24.com

"I believe more clothes will be exported from Bangladesh. Export earnings will rise further in the days ahead."

The country fetched over $3.68 billion from exports in January, up 1.59 percent over the target and nearly 8 percent higher compared with the same month a year ago.

Its export earnings from the apparel sector registered a 14.51 percent growth reaching $20.28 billion in FY19, accounting for 83.61 percent of the total earnings.

Of the total amount, Knitwear products earned $10.14 billion, which is 13 percent higher over the same period a year ago. Woven products drew more than $10 billion, up by 15.18 percent compared with the corresponding period a year earlier.

Between July 2018 and January 2019, exports of agricultural products increased to over $579 million, which is 61.30 percent more than the same period of the previous fiscal year.

However, exports of leather and leather products dropped 11.71 percent to $626 million during the period.

Similarly, earnings from the jute and jute goods were in the red during the period.

BGMEA Senior Vice President Faruque Hassan told bdnews24.com, "The confidence of the buyers in our garments has increased. We are now exporting high-end garment products.”

“We have had a peaceful environment before and after the elections," he said. "Everything is in our favour now. That's why export earnings are increasing."

According to Hassan, Bangladesh garment manufacturers and exporters were entering new markets.