Country’s export earnings from China in the July-February period of the current financial year registered a huge growth of 29.11 per cent to $630.65 million from $488.43 million in the same period of last financial year, thanks to increased shipment of readymade garments and jute and jute products.
Experts and exporters termed the export earnings growth encouraging when the exports to major markets experienced negative and minimal growth in recent time.
They said that there was huge possibility to increase exports to China in coming days as the country was shifting its manufacturing to hi-tech from basic products.
Readymade garment exports to China in the first eight months of FY 17 grew by 30.69 per cent to $256.24 million from $196.06 million in the same period of FY 16, according to Export Promotion Bureau data.
The EPB data showed that the export of leather and leather products increased by 38.50 per cent to $178.17 million from $128.64 million in the same period of FY 16.
‘The export growth to China is very good for Bangladesh when earnings from the major markets like US and UK are shrinking,’ Policy Research Institute executive director Ahsan H Mansur told New Age.
He said that the export growth to China would increase more but it is also important to maintain growth in the big markets.
According to EPB data, export earnings from readymade garments from the US, the single largest export destination of Bangladesh, in the eight months of FY17 fell by 7.85 per cent to $3.42 billion from $3.71 billion in the same period of FY16.
RMG exports to the UK, third largest export destination of Bangladesh, fell by 6.90 per cent to $2.11 billion from $2.27 billion in the same period of FY16.
RMG exports to Germany, the second biggest market for Bangladesh’s exports, grew by 18.25 per cent to $3.55 billion in the July-February period of FY17 from $3.00 billion in the same period of FY16.
Export earnings from Japan in the first eight months of the FY 17 fell by 1.15 per cent to $703.26 million from $711.47 million in the same period of FY 16, data showed.
Mansur said that exports to Japan witnessed negative growth due to economic slowdown and the depreciation of Yen against Dollar.
‘Export growth in the China market is encouraging for Bangladesh and the growth should be more in coming days as the country (China) is meeting its demand of basic RMG products through import,’ Shahidullah Azim, former vice president of Bangladesh Garment Manufacturers and Exporters Association, said.
He said that exports to the major markets declined in recent time due to sluggish global demand of RMG products.
Amid global slowdown, Bangladesh can remain in safe zone through grabbing more market share in China as the domestic demand of RMG in that country is 138 billion, Azim said.
The EPB data showed that export earnings from Spain grew by 3.27 per cent to $1.31 billion in the July-February period of FY17 from $1.27 billion in the same period of FY16.
Export earnings from France in the first eight months grew by 6.85 per cent to $1.23 billion from $1.15 billion in the same period of FY16.
Export earnings from Italy in the July-February period of FY 17 grew by 5.87 per cent to $957.80 million from $904.64 million in the same period of FY16, the EPB data showed.
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