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Dhaka Tribune

Exports rise but growth rate slows down

Update : 18 Apr 2014, 04:46 AM

Export earnings grew by 12.88% to US$22.24bn in the third quarter of the current financial year, despite the negative growth trend continued for the fourth consecutive month.

The total earnings were also 0.80% higher than the strategic target of $22.06bn, according to the latest data of the Export Promotion Bureau (EPB) released yesterday.

Meanwhile, in March exports earnings witnesses 4.79% rise to $2.41bn, mainly backed by apparel products.The figure was more than 9% lower than the target of $2.66bn.

In July-March, Bangladesh exported knitwear and woven products of $8.83bn and $9.22bn respectively, registering growth of 16.40% and 14% respectively from the same period last year.

Leather and leather products maintained their uptrend and earned $381.13m and $170m registering 40% and 62.84% growth respectively.  

Footwear, ceramic products, furniture, leather and leather goods, vegetables, light-engineering products and frozen foods performed well, according to EPB data.

But the export of other products like fruits, petroleum, frozen fish, cotton and cotton products, jute and jute goods and engineering products fell.

“Export growth showed slow trend as the production of RMG sector has seen a decline due to shortage of orders and factory closure by the Accord and Alliance on safety ground,” said Abdus Salam Murshedy, president of Bangladesh Exporters Association (EAB). 

He also said the growth rate may see further decline in the upcoming months as more factories are feared to be closed in the coming days.

To get rid of this situation, the government needs to come forward with policy supports as well financial supports for the relocation of factories, otherwise the sector is set to face a huge job cut, said Salam. 

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