FE Today Logo

Export earnings grow 17.24pc in five months

FE Report | December 06, 2018 00:00:00

Merchandise export earnings in the first five months of the current fiscal year stood at $17.07 billion, a 17.24 per cent rise from the same period last year.

Official data showed exports fetched $14.56 billion in the July-November period of fiscal year (FY) 2017-18.

The export performance was 12.07 per cent higher than the target set for the period under review.

Single-month earnings in November grew by 11.94 per cent to $3.42 billion from $3.05 billion in 2017, according to the Export Promotion Bureau (EPB) data released on Wednesday.

The November performance also surpassed the target set at 10.10 per cent.

Meanwhile, proceeds from garment exports from July to November grew by 18.59 per cent to $14.18 billion.

It was $11.96 billion in the corresponding period last fiscal, according to the EPB data.

The earnings also surpassed the 11.09 per cent target.

The country earned $7.30 billion from knitwear exports, marking 17.0 per cent growth compared to $6.24 billion in the same period last fiscal.

Woven garment exports in the first four months of FY '19 grew by 20.33 per cent to $6.88 billion from last fiscal's $5.71 billion in the same period.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Md Siddiqur Rahman attributed such performance to the measures entrepreneurs have taken to improve workplace safety. Besides, some 80 garment factories are certified by the United States Green Building Council for their environment-friendly units, he said.

As many as 320 factories are also in the process, added the chief of the apex body of garment makers.

"After the Rana Plaza collapse, these safety measures have helped overcome the image crisis and bring back the buyers' confidence," he told the FE on Wednesday.

Moreover, all the ports remain open round the clock, helping reduce the long lead time, Mr Rahman said.

He also linked diversification of garment products with manufacturing value-added items for such good export performance.

The EPB data showed that export earnings from home textile witnessed a 2.92 per cent rise to $340.7 million from $331.04 million. Earnings from home textile, however, fell short of the 7.22 per cent target during the period of FY '19.

Jute and jute goods earnings also showed a declining trend during the period.

Earnings fell by 22.09 per cent to $351.5 million from $451.15 million in the same period last year.

The country earned $434.7 million from leather and leather goods exports, marking 16.11 per cent negative growth during the period. Meanwhile, earnings from leather footwear grew 4.54 per cent to $264.28 million in the period. Frozen and live fish exports witnessed a negative growth rate of 6.57 per cent to $254.51 million during the period of the current fiscal.

[email protected]

Share if you like