The country has failed to reach its target by 9% to US$5.14bn against the target of $5.66bn in the first two month of the current fiscal year.
During July-August of 2014-15, Bangladesh earned $5.14 billion, which is 2% higher compared to $5.03 billion for the same period of last fiscal year, according to Export Promotion Bureau (EPB) data released yesterday.
Meanwhile, the country's export earnings posted 7.25% growth in August to over $2.15bn compared to $2bn of the last fiscal year. This figure is 17.46% lower than that of the target of 2.6bn for the period.
The export earnings failed to reach its target as the RMG sector has also failed to reach its export target, Shahidullah Azim, vice president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) told the Dhaka Tribune.
“As we have fixed an ambitious export target, we have missed it,” said Khondaker Golam Moazzem, additional research director of CPD.
Failure in reaching the export target of the RMG sector is undoubtedly a mater of concern and we should concentrate on the upcoming challenges in RMG sector, especially with the compliance issues, he added.
According EPB data, the RMG sector failed to reach the export target by 7.72% as the government has set export target of $4.58bn for the July-August period but the sector could earn $4,23bn.
In July-August-2014-15, RMG sector, the highest foreign currency earner of the country posted a 1.72% growth to $4.23bn, which was $4.16bn in the same period last year. The export earning from Knitwear products posted a nearly 5% growth to $2.20bn but the earnings from woven products has seen a 1.6% decline.
Among the major sector, frozen food posted 8.26% gain followed by agriculture products 14.31%,Pharmaceutical 24.5%, plastics products 35.81%, leather and leather products 18%, handicraft 15.45%, bicycle 38% and ships, boat and floating structure 200%.
Non-performers were frozen fish, which registered 4.18% negative growth followed by vegetable 5.74%, jute and jute products 11.27%, specialized textile 28.74%, terry towel 46% and furniture17%.
