Staff Reporter :
Country’s export earnings in the first quarter (July-September) of the current fiscal 2016 has marked only 0.83 per cent growth compared with the same period of the last fiscal mainly due to slow performance of the largest RMG sector. The export growth is the lowest in the last five years.
According to Export Promotion Bureau (EPB) data released on Tuesday, in the first quarter of the fiscal year, the country earned $7. 75 billion, which was $7.69 billion in the last fiscal.
The exports were short of target by 4.25 per cent as the government aimed to earn $8.10billion in the July-September quarter.
The apparel sector, the main export earner for the country, has posted a 3.31 per cent growth to receive $6.44bn during the three months.
Knitwear products earned $3.25bn with 0.62 per cent negative growth, while woven garments fetched $3.19billion rising 7.64 per cent from the same period last year.
Although the export earning of woven garments increased significantly, it failed to achieve its target. The target was $3.41 billion in the first quarter.
“Export earnings made slow growth due to reduction of orders’ unit prices, especially in the RMG products,” Faruque Hassan, Senior Vice President of Bangladesh Garment Manufacturers and Exporters Association.
The global retailers, especially from European Union, cut prices of apparel products due to devaluation of euro and Australian and Canadian dollars against US dollar, he said.
“There was also impact of political unrest slowing down the growth as placing of orders were hampered,” Faruque said.
He said the major concerning issue for the country is the loss of competitive edge.
Former BGMEA Vice- President Shahidullah Azim said, the negative earnings, caused by shortage of orders, from the knitwear products affect the overall export volume.
Azim fears further downward trend as he thinks the Transpacific Partnership may affect orders in Bangladesh.
“We have to come up with new measures to remain competitive in the global market as 9.5 percent monthly growth is needed to meet the target,” he said. Among major sectors, frozen foods export fell by 37 per cent to $120million, which was $191million in the same period last year.
Leather and leather products export declined by 11.47 percent to $273m, while home textile export went down by 13.20 per cent to $160.50million. The export of jute and jute products grew by 4.63 per cent to $206.56million.
Country’s export earnings in the first quarter (July-September) of the current fiscal 2016 has marked only 0.83 per cent growth compared with the same period of the last fiscal mainly due to slow performance of the largest RMG sector. The export growth is the lowest in the last five years.
According to Export Promotion Bureau (EPB) data released on Tuesday, in the first quarter of the fiscal year, the country earned $7. 75 billion, which was $7.69 billion in the last fiscal.
The exports were short of target by 4.25 per cent as the government aimed to earn $8.10billion in the July-September quarter.
The apparel sector, the main export earner for the country, has posted a 3.31 per cent growth to receive $6.44bn during the three months.
Knitwear products earned $3.25bn with 0.62 per cent negative growth, while woven garments fetched $3.19billion rising 7.64 per cent from the same period last year.
Although the export earning of woven garments increased significantly, it failed to achieve its target. The target was $3.41 billion in the first quarter.
“Export earnings made slow growth due to reduction of orders’ unit prices, especially in the RMG products,” Faruque Hassan, Senior Vice President of Bangladesh Garment Manufacturers and Exporters Association.
The global retailers, especially from European Union, cut prices of apparel products due to devaluation of euro and Australian and Canadian dollars against US dollar, he said.
“There was also impact of political unrest slowing down the growth as placing of orders were hampered,” Faruque said.
He said the major concerning issue for the country is the loss of competitive edge.
Former BGMEA Vice- President Shahidullah Azim said, the negative earnings, caused by shortage of orders, from the knitwear products affect the overall export volume.
Azim fears further downward trend as he thinks the Transpacific Partnership may affect orders in Bangladesh.
“We have to come up with new measures to remain competitive in the global market as 9.5 percent monthly growth is needed to meet the target,” he said. Among major sectors, frozen foods export fell by 37 per cent to $120million, which was $191million in the same period last year.
Leather and leather products export declined by 11.47 percent to $273m, while home textile export went down by 13.20 per cent to $160.50million. The export of jute and jute products grew by 4.63 per cent to $206.56million.
