July-May export earnings see 11.92% growth
Bangladesh’s exports shipments picked up by 14.78% to $3.81 billion in May, the eleventh month of the current fiscal year.
According to the Export Promotion Bureau (EPB) data released yesterday, Bangladesh in May earned $3.81 billion, up by 14.78%, by exporting goods, which was $3.32 billion in the same period a year ago.
However, the export earnings during July-May of the current fiscal year registered an 11.92% growth to $37.75 billion, which was $33.72 billion a year ago.
The export earnings are 6.64% higher than the target of $35.40 billion set for the period.
The apparel sector, the largest contributor to the national exports, earned $31.73 billion, up by 12.82%, which was $28.12 billion in the same period of FY18.
Of the total export earnings by the apparel sector, knitwear products earned $15.68 billion, which is 12.50%% higher than the $13.94 billion earned during the same period of FY2017-18.
Woven products earned $16.05 billion, up by 13.13% from $14.18 billion during the same period of the previous fiscal year.
The specialized textile sector saw a 33.79% growth to $137.74 million from $103, while home textile products saw a negative growth of 2.70% to $800 million, down from $825 million.
“It is positive that the export earnings from the apparel sector is registering double digit growth. And it will continue as Bangladesh offers quality products at lower prices compared to other countries,” Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Vice President Md Moshiul Azam Shajal told Dhaka Tribune.
Shajal, also managing director of Fame Sweaters Ltd, however, said that although export earnings were growing, the profit margin was squeezing.
"We are doing our regular business but we should come out of this and move for new products and sector within the textile and clothing industry.
"To do so, the sector needs policy and fiscal support. If the government gives us a flat 5% incentives against exports to all destinations for at least two years, the country will be able to earn additional $15 to 18% billion within these two years," he added.
Export performance of other major sectors
Among other major sectors, agricultural products posted a sharp rise of 40.3% growth to $854.46 million in the first eleven months of FY2018-19 from $609 million in the previous fiscal year.
Additionally, export earnings from the pharmaceuticals sector rose by 28.14% to $123 million, up from $96 million, and plastic goods by 25.27% to $113 million, up from $90 million during the July-May period of FY2018-19.
However, earnings from leather and leather goods witnessed a 5.53% negative growth to $944 million during the period, down from $999 million during the same period of FY2017-18.
Jute and jute goods, the third export earning sector, also registered a 20% negative growth to $773.57 million, which was $967 million during the same period in the previous fiscal year.
Exports earnings of frozen and live fish saw a positive growth of 21.87% to $474 million, up from $465 million in FY2017-18.