Export of light engg items posts high growth in FY '10
Tuesday, 6 July 2010
Mehdi Musharraf Bhuiyan
Export of light engineering items posted a booming growth in the fiscal year 2009/10- mainly driven by an ever increasing sale of local bicycles in international market.
According to the latest government statistics, the total shipment of light engineering items rose by a robust 40.56 per cent during the first 10 months of 2009/10 indicating that the highly promising sector was gradually coming out of its shell.
The latest EPB (Export Promotion Bureau) figures have showed that the country has earned a total of US$ 215.80 million from the export of light engineering items in the said timeframe, which is also 21.80 per cent above the strategic target.
Bicycle as an export item took the bulk share of the growth which fetched a total of US$ 94.49 million until the April of 2010. The figure is 37.38 per cent above the last year's total shipment, meaning that the rally continues for bicycles as a promising export item.
Insiders, however, have attributed the growth to their increasing production capacity- in spite of what they call a 'stagnant season' for bicycle in the global market.
"Lately the growth of sales worldwide is not satisfactory due to the long winter this year in Europe", said Halim Khan, executive director of the Meghna Group, one of the country's major bicycle manufacturing and exporting entities.
"Despite that, we have increased our production level significantly by setting up new factories, which is contributing to the growth in shipment" he added.
Bangladesh is currently the world's fifth largest manufacturer of bicycles and its market in the world is increasing. Nevertheless, the country's share worldwide is still meagre compared to that of the biggest player China.
Export of light engineering items posted a booming growth in the fiscal year 2009/10- mainly driven by an ever increasing sale of local bicycles in international market.
According to the latest government statistics, the total shipment of light engineering items rose by a robust 40.56 per cent during the first 10 months of 2009/10 indicating that the highly promising sector was gradually coming out of its shell.
The latest EPB (Export Promotion Bureau) figures have showed that the country has earned a total of US$ 215.80 million from the export of light engineering items in the said timeframe, which is also 21.80 per cent above the strategic target.
Bicycle as an export item took the bulk share of the growth which fetched a total of US$ 94.49 million until the April of 2010. The figure is 37.38 per cent above the last year's total shipment, meaning that the rally continues for bicycles as a promising export item.
Insiders, however, have attributed the growth to their increasing production capacity- in spite of what they call a 'stagnant season' for bicycle in the global market.
"Lately the growth of sales worldwide is not satisfactory due to the long winter this year in Europe", said Halim Khan, executive director of the Meghna Group, one of the country's major bicycle manufacturing and exporting entities.
"Despite that, we have increased our production level significantly by setting up new factories, which is contributing to the growth in shipment" he added.
Bangladesh is currently the world's fifth largest manufacturer of bicycles and its market in the world is increasing. Nevertheless, the country's share worldwide is still meagre compared to that of the biggest player China.