Export to US sees robust growth
Dhaka, Feb 3: Export earnings from the United States, the largest market for Bangladesh goods, registered 41.47 percent growth in the first four months (July-October) of the current fiscal with buoyant performance of readymade garments, frozen shrimp and home textiles. Export earnings from the US in the July-October period of fiscal 2010-11 totaled US$ 1626.05 million compared to US$ 1149.43 million during the corresponding period of last fiscal (2009-10).
The amount was 24.19 percent of the total export earnings of the first four months.
According to statistics provided by the Export Promotion Bureau (EPB), the export of RMG items including knitwear to the US amounted to US$ 1486.37 million in July-October 2010 compared to US$ 1076.79 million during the corresponding period of 2009.
The RMG items including knitwear witnessed 38.04 per cent growth in the US market.
The major exports to the US market during the period were woven garment ($1053.43 million), knitwear ($432.94 million), frozen shrimp ($34.44 million), cap ($12.79 million) and home textiles ($ 28.62 million).
During the July-October period, around 44.84 percent of the country’s total woven garment exports entered US market, followed by knitwear 14.99 per cent and frozen shrimp 19.97 per cent.
Bangladesh’s export earnings from the US in the 2009-10 fiscal totaled US$ 3.14 billion, a 7.74 per cent fall over US$ 3.4 billion registered in 2008-09 mostly because of the global economic recession.
Exports of RMG including knitwear witnessed a sharp fall of over 6 per cent in |the last fiscal (2009-10) fetching US$ 2.9 billion as against US$3.1 billion in fiscal 2008-09.
The last fiscal (2009-10) marked the end of an up-and-down decade for Bangladesh exports to the US.
From a high of US $2.5 billion during the 2000-01 fiscal, exports had fallen below US$ 2 billion by 2003-04. Exports rose steadily to cross the US$ 3 billion mark in 2005-06, and peaked at nearly US$ 3.6 billion during the 2007-08 fiscal.