Export earnings register 11.92pc growth during July-May
Economic Reporter :
The country's export earnings maintained its positive trend with a healthy 11.92 percent growth during the first eleven months (July-May) period of the current fiscal 2018-19 (FY19) totaling US$37,750.60 million.
The eleven-month export figure is also 6.64 percent higher than the strategic target of $35,400 million.
During the July-May period of the last fiscal, the export earnings were $33,728.82 million, according to the latest data of the Export Promotion Bureau (EPB).
The EPB figures showed that the single-month export earnings notched a 14.78 percent growth in May this year totaling $3,813.37 million compared to $3,322.41 million fetched in May last year.
The single-month export earning is also 9.23 percent higher than the strategic target of $3,491 million.
The export target for the current fiscal (FY19) was earlier set at $39,000 million.
Bangladesh-German Chamber of Commerce and Industry (BGCCI) President Barrister Omar Sadat said, "Bangladesh's export sector is mainly RMG-based and the contribution of the RMG sector is increasing day by day. Side by side the business environment including power and energy situation has improved for which the export earnings have witnessed continued growth,"
Vice President of the Bangladesh Economic Association Dr Abdul Hannan said that the RMG sector has bounced back tremendously due to the prevailing business-friendly environment in the country.
He also opined that the export earnings would increase in the future if necessary infrastructural development is ensured.
According to official data, knitwear continued to fetch the bulk of the earnings during the July-May period with $15,682.45 million, representing a good 12.50 percent growth over the same period (July-May) last year while woven garments earned $16,051.43 million, having a healthy growth of 13.13 percent.
Export of home textiles totaled $800.85 million with a fall of 2.69 percent while leather footwear exports earned $557.41 million, primary commodities $1,328.48 million including frozen and live fish $474.02 million, shrimps $340.35 million and agricultural products $854.46 million.