Exports rise by 41pc in 10 months

Bangladesh's exports increased to US$18.24 billion during the first ten months of the current fiscal, thanks to GSP facilities and addition of new destinations. The figure marks a 41 per cent hike over that of the corresponding period of the previous fiscal, when Bangladesh earned $12.94 billion, officials said. Besides, exports during the July-April period crossed the target by 23 per cent. Shipments in April 2011 also rose to $2036.17 million, up from $1398.82 million in 2010, data from the Export Promotion Bureau (EPB) shows. The EPB officials said exports from Bangladesh increased following the addition of some new destinations and generalised system of preferences (GSP) facilities offered by the European Union (EU). "After ten months' performance we hope the country's overall shipment will cross $21.0 billion in this fiscal, as it has already reached the target of 2010-11," EPB vice chairman Jalal Ahmed told the FE Monday. The export growth sustained over the last few months, and it is a positive sign for the overseas trade of the country, he added. The top export earners, like knitwear, woven, leather, footwear, jute and frozen fish, are showing good performance during the last few months. This trend helped to accelerate the overall growth, the EPB chief said. Apparel shipments surged because of higher exports to the new destinations. Besides, foreign buyers are now turning their attention to Bangladesh from China, the world's largest apparel exporter, exporters said. Moreover, shipments to the EU countries are growing significantly due to relaxed rules of origin under the GSP facilities that came into effect from January 01, they added. Due to the EU-provided GSP facility, apparel exports to the 27 countries under the organisation will cross $10.50 billion this fiscal, according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).