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Export to US sees 2.64% growth in July-April

  • Published at 05:36 pm July 9th, 2018
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The amount represents 16.19% of the country’s total export earnings during that period

Export earnings from the United States, one of Bangladesh’s key destinations, witnessed 2.64% growth in the first 10 months (July-April) of the fiscal year 2017-18, compared to the corresponding period of FY2016-17, due to good performance of the readymade garments (RMG) sector.

Bangladesh exports to the US totalled $4923.65 million in July-April of FY2017-18, and the amount was $4796.84 million in the same period in FY2016-17.

The amount represents 16.19% of the country’s total export earnings during that period.

According to Export Promotion Bureau (EPB) data, the major exports to the US market during the July-April period were woven garment ($3,254.31 million), knitwear ($1133.40 million), home textiles ($157.77 million) and cap ($105.68 million).

During the period, around 25.49% of the country’s total woven garment exports entered the US market, followed by knitwear (9.04%) and home textile (18.29%).

Despite political unrest, Bangladesh’s export earnings from the US in FY2014-15 were impressive with $5.783 billion, up from $5.583 billion in FY2013-14.

Export earnings from the US, however, had witnessed a 6.01% fall in FY2016-17 compared to FY2015-16 mostly due to the moderate performance of the RMG sector.

Bangladesh exports to the US were $5,846.64 million in FY2016-17, compared to $6,220.65 million during FY2015-16.

The exports in FY2012-13 were also impressive with $5,419.60 million.

The exports in FY2011-12 were also laudable totalling $5,100.91 million, slightly down from $5,107.52 million in FY2010-11.

The export earnings in FY2009-10, however, totalled $3,950.47 million, down from $4,052.00 million in FY2008-09, mostly because of global economic meltdown.

FY2009-10 had marked the end of an ups-and-downs period for Bangladesh exports to the US.

From the robust $2.5 billion during FY2000-01, exports had fallen below $2 billion by FY2003-04.

Exports to the US rose steadily to cross the $3 billion mark in FY2005-06, and peaked at nearly $3.6 billion during FY2007-08.