bdnews24.com :
Although earnings from Bangladesh’s key exports have slumped, the destinations have widened and non-conventional exports have risen during the first half of the current fiscal.
As a result, Bangladesh export sector have grown between July to December.
According to the latest figures by the Export Promotion Bureau (EPB), Bangladesh earned $14.91 billion during the Jul-Dec period in the 2014-15 fiscal year, 1.56 percent more than the same period of the last fiscal.
Bangladesh has set an export target of $33.2 billion for FY 2014-15.
“Our export market was limited to a handful of products in some countries until now. But the situation is no longer like that. Our products are going to new markets. New products are being listed for exports. Consequently the total earnings rose despite a fall in several key exports,” said EPB Vice-chairman Shubashish Bose.
EPB figures shows exports of several products that bring the major portion of the earnings have gone down in the first six months of the fiscal.
Exports of woven garments went down by 0.35 percent, frozen food by 6 percent; leather and leather goods by 12 percent; raw jute by 4.39 percent and terry towel by almost 47 percent.
Meanwhile there has been a significant increase in exports of fruits, dry foods, spices, plastic, ship building, wool and woollen products.
Fruit exports went up by 177 percent; spices by 36 percent; dry foods by 70 percent.
Exports of plastic saw a 40.35 percent rise while rubber edged up by 12 percent. Earnings from handicrafts increased by 21 percent and wool and woollen products registered a staggering 943 percent rise.
Earnings in ship exports, that started a couple of years back, went up substantially.
Ships builders brought home $3.41 million in the first half of the current fiscal from only $0.06 million in the same period of the previous fiscal.
Bicycle exports surged 32 percent while electronic products saw a rise of 114 percent.
Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President AKM Selim Osman said besides diversification of products, increase of knit garments exports to newer destinations like Australia, Japan, Turkey, Russia, China, and South Africa have boosted export earnings.
Bangladesh Institute of Development Studies (BIDS) Research Director Zaid Bakht said, “Attempts to diversify our export markets and products have been on for a while. The government have also offered incentives, which is bearing (good) results now.”
Readymade garments accounted for 81 percent of exports during the first six months of the ongoing FY 2014-15.
Knitwear had brought home the major portion, $60.616 billion, which is 2 percent more than the same period of the last fiscal.
Woven garments earned $59.627 billion, which is 35 percent less than the earning in Jul-Dec period in FY 2013-14.
“The entry of our products in new markets caused the net increase in the export sector,” said Selim Osman.
He said the average increase in knit garments export last fiscal year was 17 percent in several new markets.
“A lot depends on the political situation. I am hoping for a 10 percent increase if things are in favour.”
Bangladesh had earned $30.19 billion in 2013-14 FY, registering around 12 percent growth over the previous FY, despite the fallout of the devastating Tazreen Fashions fire, the Rana Plaza collapse and the violent political turmoil preceding the last national polls.
But the worry centers round the return of political unrest in the New Year after a relatively peaceful 2014.
BIDS Research Director Zaid Bakht said the instability at the start of 2015 will affect other economic indices along with exports.
Although earnings from Bangladesh’s key exports have slumped, the destinations have widened and non-conventional exports have risen during the first half of the current fiscal.
As a result, Bangladesh export sector have grown between July to December.
According to the latest figures by the Export Promotion Bureau (EPB), Bangladesh earned $14.91 billion during the Jul-Dec period in the 2014-15 fiscal year, 1.56 percent more than the same period of the last fiscal.
Bangladesh has set an export target of $33.2 billion for FY 2014-15.
“Our export market was limited to a handful of products in some countries until now. But the situation is no longer like that. Our products are going to new markets. New products are being listed for exports. Consequently the total earnings rose despite a fall in several key exports,” said EPB Vice-chairman Shubashish Bose.
EPB figures shows exports of several products that bring the major portion of the earnings have gone down in the first six months of the fiscal.
Exports of woven garments went down by 0.35 percent, frozen food by 6 percent; leather and leather goods by 12 percent; raw jute by 4.39 percent and terry towel by almost 47 percent.
Meanwhile there has been a significant increase in exports of fruits, dry foods, spices, plastic, ship building, wool and woollen products.
Fruit exports went up by 177 percent; spices by 36 percent; dry foods by 70 percent.
Exports of plastic saw a 40.35 percent rise while rubber edged up by 12 percent. Earnings from handicrafts increased by 21 percent and wool and woollen products registered a staggering 943 percent rise.
Earnings in ship exports, that started a couple of years back, went up substantially.
Ships builders brought home $3.41 million in the first half of the current fiscal from only $0.06 million in the same period of the previous fiscal.
Bicycle exports surged 32 percent while electronic products saw a rise of 114 percent.
Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President AKM Selim Osman said besides diversification of products, increase of knit garments exports to newer destinations like Australia, Japan, Turkey, Russia, China, and South Africa have boosted export earnings.
Bangladesh Institute of Development Studies (BIDS) Research Director Zaid Bakht said, “Attempts to diversify our export markets and products have been on for a while. The government have also offered incentives, which is bearing (good) results now.”
Readymade garments accounted for 81 percent of exports during the first six months of the ongoing FY 2014-15.
Knitwear had brought home the major portion, $60.616 billion, which is 2 percent more than the same period of the last fiscal.
Woven garments earned $59.627 billion, which is 35 percent less than the earning in Jul-Dec period in FY 2013-14.
“The entry of our products in new markets caused the net increase in the export sector,” said Selim Osman.
He said the average increase in knit garments export last fiscal year was 17 percent in several new markets.
“A lot depends on the political situation. I am hoping for a 10 percent increase if things are in favour.”
Bangladesh had earned $30.19 billion in 2013-14 FY, registering around 12 percent growth over the previous FY, despite the fallout of the devastating Tazreen Fashions fire, the Rana Plaza collapse and the violent political turmoil preceding the last national polls.
But the worry centers round the return of political unrest in the New Year after a relatively peaceful 2014.
BIDS Research Director Zaid Bakht said the instability at the start of 2015 will affect other economic indices along with exports.
