Q1 exports drop in major markets, grow slightly in US

Staff Correspondent | Published: 00:00, Oct 22,2019

 
 

Country’s export earnings from most of the major markets including Germany, Spain, Netherlands, Australia and Canada declined in the first quarter (July-September) of the current fiscal year 2019-20 while the export achieved a minimal growth in the US, the largest market for Bangladesh.

Exporters said that export earnings posted a negative growth in the major markets as the global economic distresses hit the consumption of readymade garment products.

They said that consumption of RMG products decreased all over the world as US-China trade war, Brexit issue, contraction of the economies of Germany, Argentina and South Africa instilled recession fears in the global consumers.

Country’s export to Germany, the second largest destination for Bangladesh, fell by 6.63 per cent to $1.48 billion in July-September of FY20 from $1.58 billion in the same period of last fiscal year, according to the Export promotion Bureau data.

Readymade garment export to Germany in the first quarter of FY20 fell by 7.37 per cent to $1.32 billion from $1.50 billion in the same period of FY19.

Export to the US in July-September of FY20 stood at $1.66 billion with a 0.07-per cent growth.

RMG export to the US in the first quarter of FY20 grew by only 0.46 per cent to $1.49 billion from $1.48 billion in the same period of FY19.

Country’s overall export to the UK, the third largest destination for Bangladesh, in July-September of FY20, however, grew by 5.19 per cent to $1.07 billion from $1.02 billion in the same period of FY19.

RMG exports to the UK in the first quarter of FY20 increased by 5.76 per cent to $991.23 million from $937.27 million in the same period of FY19.

Export earnings from Spain in July-September of FY20 fell by 1.31 per cent to $658.79 million while earnings from Netherlands decreased by 1.82 per cent to $328.48 million in the period.

RMG export to Netherlands, however, increased by 0.83 per cent to $252.67 million in the period, the data showed.

Export earnings from Canada in July-September of FY20 fell by 3.56 per cent to $283.80 million from $294.27 million in the same period of FY19.

RMG export to Canada in the period dropped by 1.55  per cent to $255.22 million.

Export to Australia decreased by 1.89 per cent to $204.63 million in the first quarter of FY20 from $208.58 million in the same period of FY19.

The overall export to Japan in July-September of FY20 grew by 4.06 per cent to $336.09 million from $322.98 million in the same period of last fiscal year.

RMG export to Japan in the period grew by 7.26 per cent to $273.26 million.

Export earnings from China in the first quarter of FY20 fell by 10.63 per cent to $203.34 million and RMG export to the country decreased by 1.65 per cent to $109.99 million.

The overall export to India fell by 6.44 per cent to $350.76 million in July-September period but the RMG export to the market grew by 12.42 per cent to $163.14 million, the data showed.

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