Bangladesh’s export earnings have seen a nearly 20% rise to $3.30 billion in August, the second month of the current fiscal year, thanks to the higher growth of earning from clothing products.
According to the Export Promotion Bureau (EPB) data, Bangladesh earned $3.30 billion, which is 19.76% higher compared to $2.76 billion in the same period a year ago.
The figure is 16.53% higher against the target of $2.84 billion set for the period.
On the other hand, the overall export earnings in July-August period of Fiscal Year 2016-17 has posted an 8.42% rise to $5.84 billion compared to $5.38 billion a year ago.
However, export earnings failed to reach the target. The target was set at $6.21 billion.
Of the total export earnings, 82.87% came from the apparel sector while Knitwear products earned $2.47 billion with a 9.49% rise. Likewise, woven products fetched $2.37 billion, which is 6.49% higher compared to $2.22 billion in the same period a year ago.
“Since this is a lean time for the clothing industry, an 8% growth is not a very bad one,” former BGMEA vice-president Shahidullah Azim told the Dhaka Tribune.
The shipment for the Christmas Day, the largest religious festival for the Christian, will begin from next month while the earnings will show a big jump, hoped Azim.
Though the current growth is not in line with the $50 billion export target, it would be possible as the existing production capacity is being expanded, said Azim.
To achieve the $50 billion export target by 2021, the sector has to resister a 13% growth.
While a good number of green factories are coming into operation, they would help grab more work orders, he added.
“In July, there were less working days due of Eid ul-Fitr vacation. But in this month, we have usual working days, which helped to push export earnings up,” Exporters Association of Bangladesh (EAB) President Abdus Salam Murshedy told the Dhaka Tribune.
In July, Bangladesh’s export earnings have seen a 3.5% fall to $2.53 billion due to negative growth of clothing sector in the first month of the current fiscal year. This was due to vacation on the occasion of Eid-ul-Fitr compared to the same period a year ago.