Export earning posts 17.33pc growth
Country’s export earnings during the first five months (July-Nov) of the current fiscal year stood at $ 9709.75 million, showing a growth of 17.33 percent, driven by good performance of RMG, frozen food, leather and leather products, reports UNB.
The figure is 3.55 percent lower than the strategic target of $ 10067.35 million, according to the latest figures released by the Export Promotion Bureau (EPB).
The export growth in November, however, witnessed a slight growth of 2.40 percent compared to the figure of November last year fetching $ 1591.24 million, but fell 16.95 percent short of the target of $ 1915.95 million.
The total exports during the last fiscal stood at $ 22924.38 million, exceeding the target by 23.92 percent and crossing well over the annual target of $ 18,500 million.
When contacted, Exporters Association of Bangladesh (EAB) president Abdus Salam Murshedy apprehended that the export growth might slow down in the coming months due to the present economic situation in the EU and the USA.
He said the EU and the US accounted for over 80 percent of the country’s total export, but their demand in the recent times has declined so as the price.
He also cited insignificant improvement in power and energy situation, fuel price hike, high bank interest rate and liquidity crisis for which the export-oriented sectors, including RMG, cannot gain their full competitiveness.
Urging the government to give priority to the export-oriented sectors, the former BGMEA president also emphasised the need for forming an immediate task force to face the economic ‘meltdown’.
Murshedy also suggested that the task force should comprise representatives from the export-oriented sectors like RMG, leather and jute.
According to the EPB statistics for the July-November period, knitwear fetched the bulk of the earnings with $ 3997.30 million, representing a 13.14 percent growth over the same period last year while woven garments earned $ 3566.17 million, a growth of 23.64 percent.
The export of home textiles totalled $ 307.71 million with a healthy growth of 37.26 percent; footwear exports earned $ 159.60 million, primary commodities $ 485.02 million, frozen foods, including frozen fish, shrimps and others $ 306.48 million, and agricultural products $ 178.54 million.
The export trend for leather and leather products and plastic products maintained their upward trend during the July-November period.
Leather exports totalled $ 130.70 million, while leather products $ 28.89 million, cotton and cotton products together earned $ 43.06 million, plastic products $ 37.12 million while rubber exports fetched $ 4.18 million.
The country also earned $ 15.02 million from ceramic exports, and clock, watches and parts combined to earn over $ 12.84 million.
The export of jute and jute goods in July-November period declined totaling $ 410.30 million, registering a minus 5.60 percent fall. Raw jute exports fetched $ 113.66 million with a 21.65 percent decline, jute yarn and twine $ 193.24 million, jute sacks and bags $ 84.85 million and other items brought in some $ 18.55 million.
Engineering products, including iron and steel, bicycle and electronic products fetched almost $ 135.33 million.
The export of man-made filaments and staple fibres totalled $ 27.59 million, caps $ 15.17 million while other manufactured products earned the country $ 29.65 million.
The export of ships, boats and floating structures, which notched an eye catching 332.98 percent growth in the last fiscal, bagged $ 22.67 million.
The export of handicrafts totalled $ 2.08 million, while paper and paper products $ 10.85 million, furniture $ 7.89 million, chemical products amounted to $ 56.76 million, pharmaceuticals $ 18.75 million while ores, slag and ash bagged $ 13.56 million- a 50.67 percent growth during July-November.
Specialised textiles, including terry towel, notched a negative growth of 21.22 percent, earning $ 55.08 million during July-November while export of petroleum by-products accounted for just $ 128.55 million.