Bangladesh's export earnings have seen a 6.33% rise to $27.45 billion in the first nine months of the current fiscal year.
According to Export Promotion Bureau (EPB) data, in July-March of the current fiscal year, Bangladesh earned $27.45 billion, up by 6.33%, compared to $25.81 billion for the same period a year ago.
However, export earnings in March 2018 registered a 1.38% decline to $3.05 billion, which was $3.1 billion in the same period last year. Export earnings in March are 3.19% less than the target of $3.15 billion set for the month.
The readymade garments (RMG) sector, the highest foreign currency earner, has contributed $22.83 billion, posting a 9.11% rise. In the same period last year, the sector earned $20.92 billion.
The figure is 3.03% higher against the strategic target of $22.16 billion, set for the first nine month of the financial year.
As per the latest data, the woven sector earned $11.51 billion, which is 16.75% higher compared to $10.78 billion in the same period last year, while Knitwear earned $11.32 billion, posting an 11.61 growth. In July-March last, knitwear products earned $10.14 billion.
“Export earnings are showing positive growth in earnings but it is not at the expected level. In achieving the targeted growth, we should focus on how to enlarge the earnings,” Exporters Association of Bangladesh(EAB) president, Abdus Salam Murshedy, told the Dhaka Tribune.
We have to focus on product diversification and value addition, said Salam, also managing director of Envoy Textile Limited.
"The government as well as other stakeholders should take the initiative to come out from the high dependence on a single sector, said Salam, a former president of Bangladesh Garment Manufacturers and Exporters Association.