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Exports grow 3.2% in August

  • Published at 05:42 pm September 10th, 2013
Exports grow 3.2% in August

Bangladesh’s exports in August totalled US$2.01bn, registering 3.18% growth over the same month last year, Export Promotion Bureau data released on Tuesday showed.

The figure, however, was nearly 21% less than the target of $2.54bn set for the month.

In August 2012, the amount of total export stood at $1.95bn. The government set $30.5bn export for the current fiscal, which is around 13% higher than the last fiscal’s earning of $27.01bn.

EPB vice-chairman identified lower responsiveness from buyers as the reason behind failure in reaching the export target.

“The target could not be achieved in August, as orders from buyers were less than expected,” he said. EPB data showed the export posted 14.74% growth in July and August combined, reaching $5.03bn compared to $4.39bn during the same period last year.

But the target for the period this year could not be achieved as the earning was about 4% less than the target figure.

According to EPB data, most of the sectors, including that of woven garments, failed to reach government targets.

However, the knitwear and woven garments – the two largest export earners for the country – posted about 17.2% and 17% growth respectively in July and August compared to the same period a year ago.

Among the major sectors, knitwear earned the highest over $2.1bn, followed by woven garments $2bn in the two months. EPB data said footwear exported $97m, frozen foods $118m and leather $72m during the period.

President of Exporters Association of Bangladesh Abdus Salam Murshedy said the target failure in woven garments might be a result of the impact that the Rana Plaza and Tazreen Fashion incidents had on the sector.

He feared the trend is likely to continue in the next month, emphasising the need to improve workers’ safety conditions in the factories.