Bangladesh’s export earnings in July-August period of the current fiscal year have registered a 13.84% growth to $6.63 billion riding on the RMG sector.
According to Export Promotion Bureau (EPB) provisional data released on Sunday, in July-August of Fiscal Year 2017-18, Bangladesh earned $6.63 billion by exporting goods which is 13.84% higher compared to the same period a year ago.
In July-August last year, the country’s export earnings were $5.82 billion.
The figure is nearly 8% higher than that of the target of $6.14 billion set for the period.
RMG sector, the highest export earner, posted a 14.05% rise to $5.52 billion, which was $4.84 billion in the same period last year.
As per the EPB data, woven sector earned $2.65 billion, which is 12% higher compared to the same period last year, while Knitwear earned $2.87 billion, posting 16% growth.
In August, the exports earning rose by 10.71% to $3.64 billion, which was $3.29 billion last year.
“In the last fiscal year, Bangladesh witnessed sluggish export growth with RMG sector registering only 0.20% growth. A double digit growth is a positive sign for the export-oriented industry,” Exporters Association of Bangladesh (EAB) president Abdus Salam Murshedy told the Dhaka Tribune.
In the FY’17, Bangladesh’s export earnings from the apparel industry, the lifeline of foreign currency earners, have seen only a 0.20% rise to $28.15 billion, which is the lowest on record in the last one and a half decades.
Bangladesh’s overall export earnings stood at $34.83 billion in FY’17, which is 1.68% higher than the $34.25 billion a year ago.
“Since there is the safety improvement issue and the whole safety inspection would come to an end by June 2018, we hope the export earnings will continue to grow,” added Salam.
Asked about it, Khondaker Golam Moazzem, additional research director of Centre for Policy Dialogue, told the Dhaka Tribune, “It is too early to comment on the export growth. Only a two-month rate would not be perfect to forecast the growth trend.”
In order to maintain the current rate, the manufacturers have to look for new markets and new products while the government should take measures in market and product diversification, suggested Moazzem.
Since there is sound growth in non-traditional markets, Bangladesh should identify what type of products are in demand globally and concentrate on producing those items, he added.