Export earnings from US, UK dip in July-December

Staff Correspondent | Published: 22:52, Jan 08,2017

 
 

Bangladesh’s export earnings from the United States and the United Kingdom witnessed 7.19 per cent and 2.93 per cent negative growth respectively in the first half of the current financial year (2016-17).
The US is the largest and the UK the third largest destinations of Bangladesh’s exports.
The overall export earnings growth of the country in the July-December period of FY17 fell to 4.44 per cent due to the negative earnings growth in
the two major markets, experts said.
Export earnings from the US in the first half of FY17 decreased to $2.85 billion from $3.07 billion posted in the same period of FY16, according to the Export Promotion Bureau data.
Earnings from the readymade garment export to the US market fell by 9.10 per cent to $2.55 billion in the first half of FY17 from $2.81 billion in the same period of FY16.
Export earnings from the UK in the July-December period of the current fiscal year declined to $1.66 billion from $1.76 billion in the same period of FY16.
RMG export to the UK in the first half of FY17 dropped by 5.19 per cent to $1.53 billion from $1.61 billion in the same period of FY16.
Policy Research Institute executive director Ahsan H Mansur told New Age on Saturday that it was an alarming sign for Bangladesh that despite strong economy the export growth in the US market witnessed negative growth.
‘We have to find out whether Bangladesh is losing its competitiveness on the global market,’
he said.
Mansur, however, said that Vietnam was gaining more market share in the US and most of the other exporting countries were experiencing negative growth in the market.
He said that devaluation of the pound was the prime cause for Bangladesh to experience negative export growth in the UK.
There might be an indirect impact of Brexit, he added.
Export earnings from Germany, the second biggest market for the Bangladesh’s export, grew by 20.81 per cent to $2.81 billion in the July-December period of FY17 from $2.33 billion in the same period of FY16.
Export of RMG products to Germany in the in the July-December period of FY17 increased by 21.62 per cent to $2.63 billion from $2.16 billion in the same period of FY16.
According to the EPB data, export earnings from France in the first half of FY17 advanced by 8.06 per cent to $927.91 million from $858.64 million in the same period of FY16.
Export to Spain in the July-December period of FY17 grew by 5.61 per cent to $963.80 million from $912.58 million in the same period of FY16.
Export earnings from Italy in the first half of FY17 rose by 5.61 per cent to $696.32 million from $659.33 million in the same period of FY16.
Export to the Netherlands grew by 16.42 per cent to $476.81 million from $409.57 million in the same period of FY16.
Export earnings from Japan in the July-December period of FY17 increased by 0.16 per cent to $506.99 million from $506.18 million in the same period of FY16.
Export to China in the first half of this fiscal year grew by 32.09 per cent to $462.03 million from $349.79 million in the same period of FY16.
Export earnings from India in the July-December period of FY17 rose by 6.34 per cent to $341.45 million from $321.08 million in the same period of FY16.

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