Exports top $30.4b in July-April, but remain slightly below target

Staff Correspondent | Published: 00:05, May 11,2018

 
 

A file photo shows workers sewing clothes at a readymade garment factory in Dhaka. Country’s export earnings in 10 months (July-April) of the current financial year 2017-18 stood at $30.40 billion with 6.41 per cent growth compared with that of $28.57 billion in the same period of FY 2016-17. — New Age photo

Country’s export earnings in 10 months (July-April) of the current financial year 2017-18 stood at $30.40 billion with 6.41 per cent growth compared with that of $28.57 billion in the same period of FY 2016-17.
The single month earnings in April 2018 grew by 7.11 per cent to $2.95 billion from $2.75 billion in the same month of last year, according to the Export Promotion Bureau data released on Thursday.
Export earnings in July-April of FY18 fell short by 0.30 per cent of the government-set target of $30.49 billion, data showed.
Experts and exporters said that the growth was lower than what was expected though the country’s RMG sector was facing a number of challenges.
‘The export earnings growth in July-April of FY18 is not satisfactory. We need double-digit growth to attain the future economic target,’ Policy Research Institute executive director Ahsan H Mansur told New Age on Thursday.
He said that it was a serious concern for Bangladesh that the competing countries like Vietnam achieved double-digit export growth.
Mansur said, ‘We have to find out the problems why competing countries are doing well in the global market but Bangladesh is failing.’
Such lower growth should not continue, he added.
Export earnings from readymade garments in July-April of FY18 stood at $25.30 billion, which was 9.37 per cent higher than the earnings of $23.13 billion in the same period of FY17.
Country’s readymade garment sector has been facing serious price challenges in the global market and exporters are considering various measures for cutting cost so that they can remain competitive in the market, said Abdus Salam Murshedy, president of the Exporters Association of Bangladesh.
He said that the government should provide policy support to the export sector in the coming budget as the exporters were losing price competitiveness.
Export earnings from the woven grew by 7.42 per cent to $12.76 billion in July-April of FY18 from $11.88 billion in the same period of last fiscal.
The knitwear export in the 10 months of FY18 grew by 11.43 per cent to $12.54 billion from $11.25 billion in the same period of FY17.
‘Considering the present situation of RMG sector, the earnings growth is good though we expect a double-digit growth,’ said Mohammed Hatem, former vice-president of Bangladesh Knitwear Manufacturers and Exporters Association.
He said that garment exports increased in quantity but the prices of the products did not increased.
Hatem criticised global buyers saying that they wanted full compliance but did not increase the product prices rather they were gradually decreasing their target price of apparels.
According to the EPB data, export earnings from jute and jute goods in the 10 months of the current fiscal increased by 7.66 per cent to $889.74 million from $826.46
million in the same period of FY17.
Leather and leather product exports witnessed a negative growth of 10.02 per cent to $916.74 million compared with that of $1.01 billion.
Leather footwear export, however, increased by 6.60 per cent to $460.14 million.
Exports of frozen and live fish stood at $ 434.97 million with 2.32 per cent growth in July-April of current fiscal year.
Export earnings from agricultural products increased by 16.77 per cent to $543.18 million from $465.19 million.
Home textile export in the period grew by 13.07 per cent to $751.67 million. 

More about:

Want stories like this in your inbox?

Sign up to exclusive daily email

Advertisement

images

 

Advertisement

images