The 20.65% year-over-year (YoY) to $4.13 billion in October in the ongoing FY25, which was $3.42bn in the same period of last fiscal year, is encouraging for the economy, especially at this most challenging of times for the nation.
With that said, while this increase was once again spearheaded by the RMG industry, which saw 11.38% increase in the July-October, there remain issues with our exports that should not be glossed over.
In the current economic landscape of Bangladesh, marked by inflation that continues to be well beyond the global average, together with geopolitical tensions and changing government regimes, we need a more pro-active approach to maintain export momentum.
To sustain this growth, as has been mentioned time and time again, we cannot ignore our other export industries. While it is encouraging that RMG indeed saw a significant increase, we should also note that there was an increase in earnings from leather and agriculture products as well – two industries that we should continue to build up to support our RMG industry and bring about more parity and diversity to our overall export basket.
Furthermore, what should also concern the relevant stakeholders and authorities is the fact that earnings for our jute products reduced significantly; at a time when the world is becoming more eco-friendly, that we are unable to capitalize and rejuvenate our jute industry is indeed a shame.
If Bangladesh is to truly rebuild as a nation and ensure a prosperous future for its citizens, it will need its exports to continue to grow. For that to be a reality, especially as we navigate the current economic challenges, we must adopt a comprehensive strategy with immediate effect.