FE Report
Country's export earnings maintained a moderate growth of 7.38 per cent in the first eight months of the current fiscal year (FY) 2017-18 comparing to the same period of last year.
Export earnings stood at US$ 24.39 billion during the July-February period of the current fiscal year which was $ 22.71 billion in the same period of the last fiscal year 2016-17, according to official data released on Thursday.
The single-month earnings in February 2018 grew by 13.53 per cent to $ 3.07 billion which was $ 2.70 billion in the same month last calendar year.
February earnings surpassed the target by 1.39 per cent.
Earnings from ready-made garment (RMG) export during the period stood at $ 20.25 billion, registering an 8.68 per cent growth over the corresponding period of the FY 2016-17.
Export earnings from woven items grew by 5.94 per cent to $ 10.13 billion from $ 9.56 billion in the same period of the last fiscal.
Knitwear export stood at $10.12 billion during the period, marking an 11.56 per cent growth over earnings of $ 9.07 billion in the same period of the FY'17.
Earnings from woven and knitwear items exceeded the target by 3.37 per cent and 3.05 per cent respectively.
Terming the growth 'satisfactory' considering the present apparel prices and global demand, garment sector leaders stressed the need for enhancing price competitiveness, productivity and government policy support to sustain competitiveness.
Mahmud Hasan Khan, vice president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), expressed the hope that it would be possible to achieve the growth target set for the current fiscal year.
He, however, opined that woven subsector's growth was still below expectations.
"Local woven item makers have been struggling to cope with new challenges as their buyers are reducing the volume of
orders following failure to meet lead time," he told the FE.
He is currently visiting China to explore the opportunity how to reduce lead time as the required woven fabric demand is mostly met through imports.
Without efficient port and strong backward linkage industry, especially for the woven subsector, it might not be possible for the subsector to achieve the growth and earnings as expected, he noted.
Export earnings from jute and jute goods in the first eight months of the current fiscal increased by 14.61 per cent to $ 741.12 million from $ 646.62 million.
Agricultural products registered a 15.19 per cent growth with earnings of $ 406.20 million in the same period of the FY'18.
Export earnings from home textiles during the period grew by 16.60 per cent to $ 583.18 million.
Leather and leather product exports witnessed a negative growth of 5.15 per cent to $ 784.97 million compared to that of $ 827.62 million in the same period of the FY'17.
Leather footwear export, however, increased by 6.74 per cent to $ 393.94 million during the period.
Exports of frozen and live fish stood at $ 383.04 million, marking 7.01 per cent growth during the July-January period of the current fiscal year.
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