Export earnings in two months decline

FE Team | Published: October 31, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
The country's export earning in first two months of the current fiscal 2007-08 totalled $ 2.3 billion, recording a decline by 11.69 per cent from that of the same period of the previous year.
According to statistics of the Export Promotion Bureau (EPB), the export earning also fell short of target by 23.06 per cent against the strategic export target $ 2641.90 million following poor shipments of woven garments and knitwear.
In August, 2007, total export receipt stood at $1397.7 million.
The country's export earning in July, the first month of the year, dropped to $ 902.33 million or 21.08 per cent fall over the corresponding month of the previous year.
For the current fiscal, the export target has been set at $14.5 billion, projecting a growth of 19 per cent over receipts in fiscal 2006-07. During the last fiscal, the country fetched $12.8 billion against the export target of $ 12.5 billion.
Prolonged political turmoil and congestion of containers at the Chittagong seaport have been cited as main reasons for such a drastic fall of export earning in first two months of the current fiscal.
Export earnings in both July and August, 2007, were short of the target as well as receipts of first two months of last fiscal
Officials of the EPB and concerned business associations said the overall export has suffered as two major items -- woven and knitwear garments - less than expected buy-orders in August like that in July.
They, however, said the export performance in August improved somewhat after a sharp fall in July.
"We are optimistic that export in the second quarter will help recover the shortfall of the first quarter," said a senior official.
The apparel units are expected to receive bulk orders from October to December this year, he noted.
However, earning from woven garments declined by 16.59 per cent to $762.22 million in July-August, 2007 compared to the same period of the previous fiscal, missing the strategic export target of $983.88 million.
Earning from knitwear stood at $791.79 million during the period, which is 12.01 per cent down compared with the receipt in July-August last year. The current year's knitwear export target $995.72 million.
Apart from this, export of jute goods, leather, pharmaceuticals, handicrafts, home textile and tobacco marked a declining trend in the second month of the current fiscal.
Only the export of some agro-processed items, vegetables, raw jutes and frozen foods recorded a rise compared to their strategic target set for the fiscal.