FE Today Logo

Export earnings up 20pc in July

FE Report | August 15, 2018 00:00:00


The country's export earnings grew nearly 20 per cent to $3.58 billion in the first month of the current fiscal year (FY), 2018-19, compared to the same month in the previous fiscal.

A significant rise in the apparel exports has greatly contributed to this growth in July, officials said.

The earnings have also surpassed the target set for the month by 6.94 per cent, according to the official data released by the Export Promotion Bureau (EPB) on Tuesday.

The country fetched $2.98 billion in July 2017.

Terming the growth 'positive', exporters said the readymade garment (RMG) entrepreneurs have invested a huge amount of money in workplace safety programmes, technology upgrade and diversified and value-added items.

These steps have resulted in boosting the buyers' confidence and an increase in work orders, they said.

According to EPB data, earnings from the export of RMG products in July 2018 have soared 21.72 per cent to $3.01 billion, up from $2.47 billion in July 2017.

The earnings also surpassed the target by 7.51 per cent.

The RMG exports had registered the monthly highest growth of 32.45 per cent in August 2015.

The country earned $1.52 billion from knitwear export in July 2018, which marked an increase of 20.88 per cent, compared to the earnings of $1.26 billion in July 2017.

The earnings from woven garments in the first month of FY '19 grew by 22.59 per cent to $1.49 billion, up from $1.21 billion in the same month of FY '18.

Faruque Hassan, vice president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), attributed the high RMG export growth to post-Eid-ul Fitr shipments.

"In the last few years, tremendous work has been done in making the workplace safe," he told the FE.

Moreover, entrepreneurs have invested in installation of modern technology, especially in manufacturing units for sweater, denim and value-added items, he noted.

The EPB data showed earnings from home textile grew by 3.62 per cent to $66.06 million in July 2018, up from $63.75 million in July 2017.

Jute and jute goods earnings in July 2018 grew by 15.08 per cent to $74.26 million, up from $64.53 million in July 2017.

The country fetched $91.16 million from leather and leather product exports in the first month of FY '19, marking a 21.73 per cent negative growth.

Earnings from leather footwear stood at $66.24 million, marking a growth of 2.52 per cent in July 2018.

Frozen food and fish exports witnessed a negative growth of 31.05 per cent to $40.97 million in July 2018.

[email protected]


Share if you like