The overall export earnings during the first seven months of the current fiscal year witnessed a 5.21% decline to $22.92 billion, which was $24.17 billion in the same period a year ago
The country’s export earnings has once again returned to the red last month, registering a1.70% fall to $3.62 billion after a moderate gain in December last year.
Breaking a losing streak for the four consecutive months till November, the country’s exports earning rose by2.89% to $3.52 billion in December.
However, the overall export earnings during the first seven months of the current fiscal year witnessed a 5.21% decline to $22.92 billion, which was $24.17 billion in the same period a year ago.
The apparel sector, which accounts for 84.21% of total export earnings witnessed a 5.71% decline to $19.06 billion in the first seven month of the current fiscal year.
As per the data, knitwear products earned $9.62 billion, down by5.13%, which was $10.14 billion in the same period of last fiscal year.
Woven goods fetched$9.44 billion, posting a 6.29% fall against $10.07 billion logged in the same period last year.
Industry people blamed the rise in production cost, which hampered competitive edge in the global market, for the continued down trend in the external front of trade.
Major problems include appreciation of Taka against the US dollar, rise in production costs for implementing the new wage structure and surge in utility services. The factors are hindering our growth and sustainability,” Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Dr Rubana Huq told Dhaka Tribune.
December- January period was supposed to be the peak months for apparel exports which had yet to be seen, the business leader exclaimed.
Situation of other major export sectors
The export earnings from leather and leather goods in July-January of FY20 fell by10.78% to$559 million from $626 million in the same period of the last fiscal year.
Export earnings from leather-footwear in the first seven month of the FY20 fell by 13.31% to $333 million while other leather products fetched $148 million with an 8.11% growth in the period.
The export earnings from jute and jute goods in the July-January of FY20, however, grew by 20.82% to $602.49 million from $499 million in the same period of FY19.
Export earnings from home textile During July-January of FY20 declined by 9.7% to $443 million from $490 million in the same period of FY19.
The export earnings from agricultural products in the first seven months of FY20 grew by 4.19% to $604 million from $580 million in the same period of FY19.
The frozen and live fish export revenue decreased by 6.58% to $337 million while the earnings from shrimp export fell by 3.77% to $248 million in the first seven months of FY20.