Export to US falls 1.73pc in July-Sept

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Export earnings from the USA, the largest export destination for Bangladesh goods, witnessed a 1.73 per cent drop during the July-September period of the current fiscal mostly because of the negative growth from RMG, reports UNB It totalled $1231.64 million in this first quarter (July-September) compared to $1253.35 million during the corresponding period of the previous year. The amount represents 19.98 per cent of the country's total export earning during the three-month period. According to recent statistics compiled by the Export Promotion Bureau (EPB), RMG export to the US, including knitwear, amounted to US$1138.78 million during July-September compared to US$ 1147.40 million during the corresponding period of the last fiscal. The RMG items, including knitwear, witnessed a 0.75 per cent slump in the US market. The major exports to the US market during the period were woven garment ($854.75 million), knitwear ($284.03 million), frozen shrimp ($11.12 million), cap ($6.74 million) and home textiles ($33.84 million). During the period, around 38.25 per cent of the country's total woven garment exports entered the US market, followed by knitwear 11.01 per cent and frozen shrimp 7.42 per cent. Bangladesh's export earnings from the US in fiscal 2010-11 were impressive as it totalled $5107.52 million representing a 29.29 per cent gain from the figure of fiscal year 2009-10. The export earnings in fiscal 2009-10, however, totalled US$ 3.14 billion, a 7.74 per cent fall over US$3.4 billion in 2008-09, mostly because of the global economic recession. The RMG export, including knitwear, witnessed a sharp fall of over 6 per cent in fiscal 2009-10, fetching US$2.9 billion as against US$3.1 billion in 2008-09. The 2009-10 fiscal marked the end of an ups-and-down decade for Bangladesh exports to the US. From a high of US$2.5 billion during the 2000-01 fiscal, exports had fallen below US$2 billion by 2003-04. Exports rose steadily to cross the US$3 billion mark in 2005-06, and peaked at nearly US$3.6 billion during the 2007-08 fiscal.