Export earnings post modest growth of 6.86pc in Jul-Nov

Staff Correspondent | Published: 00:05, Dec 08,2017 | Updated: 23:09, Dec 07,2017

 
 

A file photo shows workers sewing jute sacks at a mill on the outskirts of in Dhaka. The country’s overall export earnings in the July-November of the current financial year 2017-18 grew by 6.86 per cent but export earnings from jute and jute goods posted 16.51 per cent growth during the period — New Age photo

The country’s export earnings in the July-November period of the current financial year 2017-18 grew by 6.86 per cent to $14.56 billion from $13.62 billion in the same period of the FY 2016-17. 
Export earnings in November this year grew by 6.22 per cent to $3.05 billion from $2.87 billion in the same month last year, according to the Export Promotion Bureau data released on Thursday.
Exporters said that the export earnings returned to the positive track in the five months of the current financial year but were yet to reach the required level.
Earnings from readymade garment export in the July-November period of FY18 grew by 7.46 per cent to $11.96 billion from $11.13 billion in the same period of FY17.
Export earnings from the woven grew by 3.99 per cent to $5.71 billion from $5.49 billion.
The knitwear export in the July-November period of FY18 increased by 10.86 per cent to $6.24 billion from $5.63 billion in the same period of FY17.
‘We are not happy with the earnings’ growth in exporting readymade garments and the growth should be 13-14 per cent to achieve the target of $50-billion export earnings by 2021 set by the government,’ Md Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association, told New Age on Thursday.
He said that the country’s RMG export was going through a slow growth due to a fall in prices of the apparel products on the global market and the appreciation of the local currency, taka, against the dollar.
‘One of the major concerns for Bangladesh is that India is doing good in RMG export at the global market as the Indian government has been providing huge support to the sector to gain significant market share in the globe,’ Siddiq said.
He requested the government to provide uninterrupted power and gas supply to the apparel sector to retain the global market share in export.
Export earnings from jute and jute goods in the five months (July-November) of FY18 increased by 16.51 per cent to $451.16 million from $387.23 million in the same period of FY17.
Export of agriculture products grew by 17.77 per cent to $259.65 million from $220.47 million and export earnings from home textiles increased by 19.18 per cent to $331.04 million from $277.77 million.
Abdus Salam Murshedy, president of the Exporters Association of Bangladesh, said that the export earnings started rebounding but a strong policy support from the government was required to reach the $50-billion earnings’ target by 2021.
He suggested that the government should adjust the prices of fuel considering the international prices and set the price of dollar for the exporters so that export sector could remain competitive in the global market.
Exports of leather and leather products in July-November of FY18 posted a negative growth of 2.95 per cent to $518.15 million compared with that of $533.91 million in the same period of FY17.
Earnings from leather-footwear export increased by 8.55 per cent to $252.81 million, while leather products fetched $184.73 million with a 0.77-per cent negative growth in the period.
Exports of frozen food and fish in the July-November period of FY18 grew by 10.78 per cent to $272.40 million from $245.89 million in the same period of FY17.
The EPB data showed that the export earnings from engineering products in the five months of FY18 fell by 25.36 per cent to $127.19 million from that of $170.40 million posted in the same period of the previous fiscal year. 

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