Export earnings fall by 6.2pc in first half
Thursday, 11 February 2010
Mashiur Rahaman
The country's export earning witnessed 6.2 per cent fall in the first half of the current fiscal year, as shipment of the most prime commodities went into the red, a commerce ministry official told the FE Tuesday.
By the end of July-December period of fiscal year 2009-10, the country earned US$7270.51 million from the exports. It was US$484.19 million less than the earning recorded during the corresponding period of 2008-09 fiscal year, the ministry source added.
In December 2009, export earning was US$1172.8 million, a US$23.03 million fall from the earning recorded in December 2008.
"Export of the country's prime products including knitwear, woven garments, leather, frozen foods and ceramics witnessed a gradual fall in shipment during the period," the official added requesting anonymity.
He also said that exports of some mid-level items enjoyed slight growth like jute and jute goods, pharmaceuticals and tobacco.
Earning during the first half of the fiscal year was 14.45 per cent fall from its strategic target fixed for the period at US$8498.36 million.
"This was obvious," Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Abdus Salam Murshedy commented.
He said exports of Readymade Garment contribute almost 90 per cent of the country's total export earnings. But the sector suffered a gradual decline since the beginning of the current fiscal, he added.
Chronic short-age of power to apparel industries across the country, rising workers unrest followed by increasing production cost and declining price of finished products in international markets turned the country's prime export product vulnerable, he explained.
Echoing the voice of the apparel industry leader, president of Bangladesh Finished Leather Goods Association (BFLGA) Rezaul Karim Ansari blamed non-cooperative government policies and the effect of global recession for the disappointing export performance.
"The future of our industry is in jeopardy," Mr Ansari told the FE.
"When we are struggling for bare existence at the recession hit global economy, our government is working for displacement rather than assistance," he complained.
He also claimed that they have not received any promised aid from the government and failed to forecast any encouraging development related to the industry.
Export of raw leather and leather goods declined by 10 per cent in the first half of the current fiscal against the corresponding period of last fiscal year.
According to data published by the EPB, the country's export earnings during the first quarter (July-Sept) of current fiscal year decreased by 11.66 per cent compared to corresponding period last year. It was 10.60 per cent less than the US$ 4329.60 million target.
The country's export earning witnessed 6.2 per cent fall in the first half of the current fiscal year, as shipment of the most prime commodities went into the red, a commerce ministry official told the FE Tuesday.
By the end of July-December period of fiscal year 2009-10, the country earned US$7270.51 million from the exports. It was US$484.19 million less than the earning recorded during the corresponding period of 2008-09 fiscal year, the ministry source added.
In December 2009, export earning was US$1172.8 million, a US$23.03 million fall from the earning recorded in December 2008.
"Export of the country's prime products including knitwear, woven garments, leather, frozen foods and ceramics witnessed a gradual fall in shipment during the period," the official added requesting anonymity.
He also said that exports of some mid-level items enjoyed slight growth like jute and jute goods, pharmaceuticals and tobacco.
Earning during the first half of the fiscal year was 14.45 per cent fall from its strategic target fixed for the period at US$8498.36 million.
"This was obvious," Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Abdus Salam Murshedy commented.
He said exports of Readymade Garment contribute almost 90 per cent of the country's total export earnings. But the sector suffered a gradual decline since the beginning of the current fiscal, he added.
Chronic short-age of power to apparel industries across the country, rising workers unrest followed by increasing production cost and declining price of finished products in international markets turned the country's prime export product vulnerable, he explained.
Echoing the voice of the apparel industry leader, president of Bangladesh Finished Leather Goods Association (BFLGA) Rezaul Karim Ansari blamed non-cooperative government policies and the effect of global recession for the disappointing export performance.
"The future of our industry is in jeopardy," Mr Ansari told the FE.
"When we are struggling for bare existence at the recession hit global economy, our government is working for displacement rather than assistance," he complained.
He also claimed that they have not received any promised aid from the government and failed to forecast any encouraging development related to the industry.
Export of raw leather and leather goods declined by 10 per cent in the first half of the current fiscal against the corresponding period of last fiscal year.
According to data published by the EPB, the country's export earnings during the first quarter (July-Sept) of current fiscal year decreased by 11.66 per cent compared to corresponding period last year. It was 10.60 per cent less than the US$ 4329.60 million target.