Bangladesh's merchandise exports through its largest seaport registered a double-digit increase in both volume and value during the first half of the current fiscal year, except for the United States and the European Union.
Export volume surged by 21.75 per cent, while customs-assessed value rose by 16 per cent, according to data compiled by the Chattogram Custom House (CCH).
Although exports to the EU and the US still saw positive growth, the paces are much slower -- 8.73 per cent and 8.35 per cent in terms of quantity, respectively.
In the July-December period of FY24, Bangladeshi exporters shipped 0.78 million tonnes of goods to the EU and 0.26 million tonnes to the US, marking increases compared to the corresponding period of last year.
However, it was other markets that truly shone, with export volume growth reaching 22.49 per cent in Great Britain, 17.57 per cent in Japan and 10.49 per cent in Canada.
Australia emerged as the top export destination for Bangladesh in terms of both volume and value, with shipments rising by 31 per cent and 41 per cent, respectively.
China came in second, with a 29.05 per cent increase in volume and 26 per cent in value.
For the US and the EU markets, export value saw lower-than-expected growth, rising by only 11 per cent in the EU and 8.37 per cent in the US.
In contrast, Bangladeshi exports to Great Britain witnessed a 27 per cent increase in value, while 19.17 per cent to Japan, 11 per cent to Canada and 71 per cent to China.
As usual, the garment industry remained at the core of the export might, with apparel shipment increasing by 15.43 per cent and its assessed value by 16 per cent.
In the July-December period of FY24, footwear export volume dipped slightly by 2.49 per cent year-on-year, while its assessed value rose by 10 per cent.
The jute sector also performed well, with export value climbing by 45.61 per cent and volume by 43 per cent in the July-December period.
Overall, Bangladesh's net export weight reached 2.4 million tonnes -- up by 0.43 million tonnes compared to the previous year, while the assessed value stood at Tk 2.27 trillion -- reflecting an increase of Tk 312.36 billion.
Apparel exports alone contributed Tk 2.06 trillion in the July-December period, while footwear at Tk 35.51 billion and jute at Tk 1.80 billion.
Amid volatile global markets and Bangladesh's limited product basket, export growth was stymied in the first half of the current fiscal year, with the rate tumbling to 0.84 per cent as turnover reached only $27.54 billion.
According to recently published data by the Export Promotion Bureau (EPB), first-half export earnings fell short of the target by 8.55 per cent, amounting to $27.31 billion.
Despite the sluggish growth, both economists and exporters see a positive trajectory for the coming months, though from different perspectives.
Dr MA Razzaque, chairman of the Research and Policy Integration for Development (RAPID), finds reason for optimism in both volume and value increases, which he says signal rising export earnings for Bangladesh.
However, he suggested a shift away from over-dependence on readymade garments, especially as major export destinations like the US are wrestling with an economic slowdown and declining purchasing power.
"RMG exports to the US have declined significantly, putting pressure on Bangladesh and other exporting countries," Dr Razzaque said. "Exporters should actively seek out new markets, like Australia, which has largely weathered the global financial turmoil."
He suggests reconciling export data from the EPB, Bangladesh Bank and the National Board of Revenue (NBR) to detect any discrepancies in export proceeds received.
"It is high time we addressed the loopholes and implement fundamental financial reforms in the macro-economic sector," Dr Razzaque commented, noting the "low likelihood" of trade sanctions from major export destinations right now.
Faruk Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said it is difficult to predict based on half-year data. Still, he saw a positive trend offering hope for improved export earnings.
"Export volume has improved in the past month and a half in major destinations due to various factors, including declining inflation and interest rates," Mr Hassan said.
The BGMEA president highlighted increased exports -- both in value and volume -- to new destinations such as Australia, Japan, Korea and the Middle East, crediting the efforts of Bangladesh's apparel exporters.
Australia, in particular, has emerged as a promising new market, with exports reaching $1.25 billion last fiscal year, he added.
Barrister Bodruzzaman Munshi, deputy commissioner of Chattogram Custom House, said the positive export growth reflects the customs house's commitment to facilitating trade.
"We will continue to provide such support to aid the country's economic growth and export earnings through merchandise shipments," he added.
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