Economic Reporter :
The country’s single-month merchandise shipments in May declined by 61.57 per cent year-on-year to US$1.46 billion due to shrinking global demands amid the corona virus outbreak.
The country fetched $3.81 billion in May 2019. The single-month earnings in April and March were $ 520.01 million and $2.73 billion respectively in 2020.
The monthly export earnings during the period under review also showed a downtrend, except in the months of July and December. The overall export fell by 17.99 per cent to US$30.95 billion in the first eleven months of the current 2019-20 fiscal year (FY), against $37.75 billion in the corresponding period of last FY.
The earnings also fell short of the target set for the period by 25.5 per cent, according to the provisional data of the state-run Export Promotion Bureau (EPB).
Exporters and experts attributed closure of factories, lockdown in major export destinations followed by slow demands and orders cancellation and hold up due to ongoing Covid-19 pandemic for the drastic fall in performance. Majority of the export-oriented factories, including RMG remained closed since March 26 to April 25 due to the public holidays amid coronavirus outbreak while they are now operating with half capacity, they added.
The RMG (readymade garment) sector fetched nearly $25.70 billion during July-May period of FY 20 against $31.73 billion during the same period a year earlier, registering a 18.99 per cent negative growth. The earnings also fell short of target set for the period by 26.31 per cent.
The country’s single-month merchandise shipments in May declined by 61.57 per cent year-on-year to US$1.46 billion due to shrinking global demands amid the corona virus outbreak.
The country fetched $3.81 billion in May 2019. The single-month earnings in April and March were $ 520.01 million and $2.73 billion respectively in 2020.
The monthly export earnings during the period under review also showed a downtrend, except in the months of July and December. The overall export fell by 17.99 per cent to US$30.95 billion in the first eleven months of the current 2019-20 fiscal year (FY), against $37.75 billion in the corresponding period of last FY.
The earnings also fell short of the target set for the period by 25.5 per cent, according to the provisional data of the state-run Export Promotion Bureau (EPB).
Exporters and experts attributed closure of factories, lockdown in major export destinations followed by slow demands and orders cancellation and hold up due to ongoing Covid-19 pandemic for the drastic fall in performance. Majority of the export-oriented factories, including RMG remained closed since March 26 to April 25 due to the public holidays amid coronavirus outbreak while they are now operating with half capacity, they added.
The RMG (readymade garment) sector fetched nearly $25.70 billion during July-May period of FY 20 against $31.73 billion during the same period a year earlier, registering a 18.99 per cent negative growth. The earnings also fell short of target set for the period by 26.31 per cent.
