Exports rise 40pc in 10 months
Star Business Report
The country’s exports grew by 40.88 percent in the first 10 months of the current fiscal year, riding on demands diverting form China to Bangladesh and relaxation of European Union rules.
During the July-April period, Bangladesh shipped goods worth $18.24 billion against the target of $14.88 billion, said the state-run Export Promotion Bureau (EPB) yesterday.
The government has set export target for 2010-11 at $18.50 billion. In April alone, the country exported goods worth $2.03 billion, registering a 45.56 percent rise over the same month a year earlier, data showed.
Among the major export items, knitwear products worth $7.48 billion and woven garments worth $6.70 billion were exported in the July-April period.
The exports of some products like frozen foods, agricultural products, rubber, leather goods, cotton and cotton products, jute and jute goods, home textile, footwear, building materials and vessels also witnessed a significant growth during the period.
Jalal Ahmed, vice-chairman of EPB, said the export is increasing both by value and volume after the relaxation of the Rules of Origin by the EU from January.
“Exports in terms of volume have increased more than by 15 percent during the period compared with the same period last year,” Ahmed said.
He said the orders are shifting to Bangladesh from China, as the world’s largest apparel supplier is increasingly becoming an expensive manufacturing destination for the buyers.
Faruque Hassan, vice-president of Bangladesh Garment Manufacturers and Exporters Association, said the prices of garment items increased worldwide due to hike in prices of raw materials.
The international buyers are paying extra prices to the manufacturers to adjust with the increasing prices of raw materials. As a result, the overall export is rising, he added.
The export of garments from Bangladesh might not see the same growth in June and July, as the buyers were careful about price hike of raw materials, he said.
Echoing Hassan, president of Leather Goods and Footwear Manufacturers and Exporters Association of Bangladesh Saiful Islam said the export prices of leather and leather products increased in value terms.
In July-April, overseas sales of leather products jumped by 126 percent compared with the same period a year earlier.
“The prices of leather products increased by nearly 40 percent recently for scarcity of raw materials. As a result, the export from the sector has increased,” he said.