Export earnings from the US, the largest export destination for Bangladesh goods, witnessed 4.95% growth during the first 11 months (July-May) of the last fiscal (2012-13), mainly due to moderate performance by the RMG sector.
According to statistics compiled recently by the Export Promotion Bureau (EPB), RMG export, including knitwear, to the US amounted to about $4.5bn during the July-May period of the last fiscal compared to $4.1bn during the same period of the previous fiscal, reports UNB.
The exports to the US totaled $4.9bn during the (July-May) of the last fiscal year (2012-13) compared to $4.6bn during the same period of the previous fiscal (2011-12). The amount represents over 20% of the country’s total export earnings during the period.
The RMG items, including knitwear, witnessed 8.56% growth in the US market.
The major exports to the US market during the period were woven garment ($3.5bn), knitwear ($997.06m), frozen shrimp ($33.10m), cap ($35.17m) and home textile ($172.21m).
During the period, around 35.04% of the country’s total woven garment exports entered the US market, followed by knitwear 10.62% and frozen shrimp 8.14%.
Bangladesh’s export earnings from the US in fiscal 2011-12 were impressive totaling $5.1bn, slightly down from $ 5.1bn fetched in fiscal 2010-11.
The export earnings in fiscal 2009-10, however, totaled $3.9bn, down from $4bn in 2008-09, mostly because of the global economic recession.
The 2009-10 fiscal marked the end of an ups-and-down period for Bangladesh exports to the US. From the robust $2.5bn during the 2000-01 fiscal, exports had fallen below $2bn by 2003-04.
Exports to the US rose steadily to cross the $3bn mark in 2005-06, and peaked at nearly $3.6bn during the 2007-08 fiscal.