Export earnings post 9.56pc growth during July-February

Staff Reporter :
Bangladesh’s export earnings of goods in the July-February period of the current fiscal year 2022-23 increased by 9.56 per cent to USD 37.07 billion from USD 33.84 billion in the same period of FY 2021-22, riding on the ready-made garments (RMG) sector’s performance, according to the latest statistics of the Export Promotion Bureau (EPB).
The RMG exports in the July-February of FY23 grew by 14.06 per cent to USD 31.36 billion from USD 27.49 billion in the same period of the previous financial year. RMG exports in this period also surpassed the targeted amount by 4.36 per cent in this period.
However, the country’s export earnings in February went below the USD five billion mark after three months of staying more than that.
The merchandise exports in February were USD 4.63 billion which were 3.68 per cent below than the targeted amount of USD 4.8 billion and 7.81 percent more than the same month of FY 2021-22.
Earlier, for the very first time exports reached at over USD 5 billion marks for three consecutive months as the earnings in January was USD 5.13 billion. The figure was USD 5.37 billion in December and USD 5.09 billion in November last year.
Except the steady growth of RMG sector, the country’s export earnings from most of the products witnessed negative growth in the eight months of FY23.The export growth of current financial year basically positively moving based on the double-digit growth of RMG sector.
The EPB statistics also showed that, apparel products continued their dominance with earned USD 31.36 billion maintaining a healthy growth of 14.06 per cent. Out of that, knitwear accounts for the bulk of the earnings with USD 17.06 billion having a growth of 13.21 per cent while export of woven garments earned USD 14.30 billion with a growth of 15.08 per cent, as per sources.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Vice President Shahidullah Azim said to the journalists that, in February the apparel sector experienced a high growth in apparel shipment which was based on value as raw materials prices was high.
It is not a quantity growth as the running work order shortage continuing, the majority of exporters are running their units for up to 8 hours where they usually run their units for about 10 hours including two hours of overtime, he added.
Earnings from leather and leather goods exports in last eight months of FY23 grew by 6.04 per cent to USD 832.38 million from USD 784.98 million in the same period of the previous financial year.
Plastic products exports also went up by 37.32 per cent, Headgear (cap) by 38.39 per cent, footwear by 8.11 percent of the first eight months of this financial year.
By contrast, Export earnings from frozen and live fish decreased by 21.65 per cent. Only Shrimps export reduced by 25.48 per cent to USD 233.45 million from 313.26 million compared with in the first eight months of FY23 with the previous fiscal year, according to the recent data from EPB.
Besides, export earnings from agricultural products decreased by 26.96 per cent, handicrafts by 36.36 per cent. Specialized textiles exports reduced by 23.68 per cent, home textile went down by 22.53 per cent in the period of July-February of this financial year from the last fiscal year.