Export to US sees 10.09pc growth in July-Aug '13

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Export earnings from the USA, the largest export destination for Bangladesh goods, witnessed a 10.09 per cent growth during the first two months (July-August) of the current fiscal year (FY), mostly due to moderate performance of the readymade garment (RMG) sector, reports UNB. The earnings totalled US$ 977.59 million in July-August of FY 2013-14 as against $ 888.03 million during the corresponding period of the previous FY (2012-13). The amount represents 19.41 per cent of the country's total export earning during the two-month period. According to recent statistics compiled by the Export Promotion Bureau (EPB), RMG export, including knitwear, to USA amounted to $ 911.40 million during the July-August period of the current fiscal compared to $ 799.02 million during the corresponding period of the previous fiscal. The RMG items, including knitwear, witnessed a 14.06 per cent growth in the US market. The major exports to the US market during the period were woven garment ($ 675.42 million), knitwear ($ 235.98 million), frozen shrimp ($ 12.79 million), cap ($ 6.58 million) and home textile ($ 12.22 million). During the period, around 32.81 per cent of the country's total woven garment exports entered the US market, followed by knitwear with 11.23 per cent and frozen shrimp with 11.72 per cent. Bangladesh's export earnings from USA in FY 2012-13 were impressive, totalling $ 5,419.60 million, up from $ 5,100.91 million in FY 2011-12. Bangladesh's export earnings from the US totalled $ 5,107.52 million in FY 2010-11 while $ 3,950.47 million in FY 2009-10, down from $ 4,052.00 million in FY 2008-09, mostly because of the global economic recession.