Staff Reporter :
Over all export earnings increased by 51.18 per cent year-on-year in April for higher shipments of garment items amid gradual recovery of the global supply chain from the severe fallouts of the Covid-19 pandemic.
In the first 10 months of the current fiscal year, the earnings increased by 35.14 per cent year-on-year to $43.34 billion, according to data released by the Export Promotion Bureau (EPB) on Monday.
The country’s exports have continued to grow with a year-on-year rise in April despite the ripple effects of the Ukraine-Russia war across the globe.
Exporters sent abroad goods worth $4.73 billion last month, beating the target by around 40.7 per cent.
Garment, which accounts for more than 80 per cent of total exports, has beaten the annual target in 10 months, posting a 36 per cent year-on-year increase to $35.36 billion. The annual target was $35.14 billion.
Exports, in overall, also increased by 35.14 per cent year-on-year in this period, the data showed.
Mohammad Hatem, Executive President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), told The New Nation on Monday, “Readymade garment exports are expected to cross $42 billion at the end of the fiscal year with $7 billion more in May and June.”
Besides an increase in volume, a rise in the prices of raw materials, especially yarn, has contributed to the growth in exports, he said.
After yarn prices doubled due to the war, the prices of end products were also raised, he explained.
The EPB data shows knitwear export rose 37.49 percent to over $19.24 billion and woven 34.23 percent to nearly $16.12 billion in the first 10 months till April of the current fiscal year.
Leather and leather goods sector earned $1.01 billion with 32.97 per cent export growth which was $761 million in the July-April of the previous fiscal year.
Agriculture sector is also crossed billion-dollar export in the July-April of the current 2021-22 fiscal year. During this period, this sector earned $1.04 billion with 26.29 per cent growth. It was $824.59 million in the previous fiscal year.
Jute and jute goods sector, however, performed negative by 6.68 per cent to $966 million which was $1.04 billion in the same time of the previous fiscal year.
Exports continue to show stellar growth so far this year riding on the demand from the west and higher commodity prices amid the ongoing Russia-Ukraine war.
However, the trade deficit is also rising as Bangladesh’s import bills are increasing on the back of the higher commodity prices in the international markets.
The trade deficit expanded to a record $24.91 billion from $15.22 billion in the first nine months of the current fiscal year compared to the same period a year ago, according to Bangladesh Bank data.
