Export earnings reach $55.55 billion in FY23

Staff Reporter :
Bangladesh earned $55.55 billion from the export sector in the just-concluded fiscal year 2022-2023, which was $52.08 billion in the previous financial year of 2021-22.

According to data released from the Export Promotion Bureau (EPB) on Monday, the export earnings in the FY23 fell short by 4.21 per cent from its target of $58 billion set by the government, but the export earnings rose 6.67 per cent year-on-year to $55.55 billion.

Meanwhile, the country’s export earnings in the FY23 grew by 6.67 per cent or $ 3.47 billion from $52.08 billion in the FY22, the data showed.
According to EPB data, export earnings in June 2023 grew by 2.51 per cent to $5.03 billion year-on-year compared with that of $4.90 billion in the same month of 2022. However, the country earned 4.28 per cent less than the export target, which was set at $58 billion, due to the lukewarm demand, ongoing economic turmoil, geopolitical crisis, and inflationary pressures in the country as well across the globe.

The earnings in June, 2023 also fell 9.61 per cent short of the government set target of $5.56 billion for the month. Export earnings from readymade garment (RMG) in FY23 grew by 10.27 per cent to $46.99 per cent from $42.61 billion in FY22.

Earnings from woven garments export in the just concluded financial year of 2022-23 increased by 9.65 per cent to $21.25 billion from $19.39 billion in FY22. Earnings from knitwear export in FY23 grew by 10.87 per cent to $25.73 billion from $23.21 billion in FY21, the EPB data showed. Apart from the readymade garments (RMG) sector, it is concerning to note that several prominent export sectors, including leather, jute, home textiles, agricultural products, and engineering products, fetched negative growth during FY23.