Export earnings rise by 13.84pc in Jul-Aug on RMG rebound

Staff Correspondent | Published: 22:05, Sep 10,2017

 
 

A file photo shows workers sewing clothes at a readymade garment factory in Dhaka. Country’s export earnings in the July-August period of the current financial year 2017-18 grew by 13.84 per cent to $6.62 billion from $5.82 billion in the same period of the FY 2016-17, riding on a strong growth of readymade garment export to the major markets including the United States and the United Kingdom. — New Age photo

Country’s export earnings in the July-August period of the current financial year 2017-18 grew by 13.84 per cent to $6.62 billion from $5.82 billion in the same period of the FY 2016-17, riding on a strong growth of readymade garment export to the major markets including the United States and the United Kingdom.  
The single-month export posted a record high in August as the earnings in the second month of FY 2017-18 stood at $3.64 billion, which is 10.71 per cent higher than the earnings ($3.28 billion) in the same month of last year, according to the Export Promotion Bureau data released on Sunday.
Experts and exporters termed the growth as a good sign for the country.
They said overcoming the last financial year’s negative trend in export earnings, the county’s export came back on track at the beginning of the current fiscal year as the volume of export to the major markets increased and at the same time the euro rebounded against the dollar.
The EPB data showed that the earnings from RMG product exports in the two months of FY18 grew by 14.05 per cent to $5.52 billion from $4.84 billion in the same period of FY17.
‘The trend in export earnings in the two months is positive and it was much needed for Bangladesh for the sustainable growth of economy,’ Policy Research Institute executive director Ahsan H Mansur told New Age.
He said that country’s exports witnessed a slow growth in last financial year as export sectors had failed to retain their competitiveness due to devaluation of the dollar against the local currency, taka.
Mansur said that recently the euro rebounded against the dollar and country’s exporters were being benefited from weak dollar in the European markets.
The export earnings from knitwear in July-August of FY18 rose by 16.02 per cent to $2.86 billion compared with that of $2.47 billion in the same period of FY17.
The earnings from woven in the two months grew by 11.99 per cent to $2.65 billion from $2.37 billion in the same period of FY17.
Mahmud Hassan Khan Babu, vice-president of the Bangladesh Garment Manufacturers and Exporters Association, said that the export earnings’ growth in the first two months of current financial year was encouraging but it would not be wise to make any comment on the overall export situation based on only two month’s data.
‘I think the export earnings growth in the month of September will register a negative growth as production and shipment remained suspended at least nine days in the month due to Eid-ul-Azha vacation,’ he said.
Babu said that the export rise amid a fall in the prices of products at the global market proved that the volumes of exports increased in the major markets.
According to the EPB data, country’s export earnings from the US, the highest export destination for Bangladesh, increased by 10.23 per cent to $1.10 billion in July-August of FY18 from $997.51 million in the same period of FY17.
Export earnings from the UK, the third highest export destination for Bangladesh, rose by 29.30 per cent to $783.81 million from $606.16 million.
Export earnings from Germany, the second highest export destination for Bangladesh, increased by 8.78 per cent to $1.06 billion from $976.51 million.
The EPB data showed leather and leather product exports in the two months of FY18 grew by 9.54 per cent to $248.16 million compared with that of $226.74 million in the same period of FY17.
Earnings from leather footwear export in July-August of FY18 grew by 8.43 per cent to $130.76 million from $120.59 million in the same period of FY17 while the earnings from leather products increased by 35.15 per cent to $84.12 million.
Frozen food and fish exports in the two months of FY18 grew by 39.64 per cent to $124.99 million from $89.51 million.
The EPB data showed that earnings from jute and jute goods in the July-August period of FY18 grew by 10.34 per cent to $155.31 million from $140.75 million in the same period of FY17.

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