Merchandise exports make impressive growth in Oct
Wednesday, 24 November 2010
FE Report
Country's merchandise exports marked an impressive 65 per cent growth in October 2010 which reached $1.68 billion thanks to the major earning sectors' forward march in two new markets.
The export earnings in October 2009 were $1.02 billion, according to the EPB.
With healthy performance from the major export-earning knit and woven garment sectors, the overall export income for the first four months of the current fiscal of 2010-11 witnessed a 37.35pc rise compared to the corresponding period of the last FY.
The overall earning during July-October in 2010-11 period stood at $6.721 billion against $4.893 billion of last fiscal.
Bangladeshi products are getting good response from Japan and Germany with a remarkable growing demand from these new markets, he added.
The EPB chief said moreover more buyers are coming to Bangladesh abandoning China as the production cost in that country is increasing.
Shipment of knitwear items such as sweaters and T-shirts scaled up by 38 per cent to $2.88 billion in the four months to October and woven items rose by 39.45 per cent to $2.34 billion.
"This is a good sign as the market is picking up due to the high order flow," Abdus Salam Murshedy, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said.
At the same time he demanded better service at the ports and constant supply of power and energy to sustain the record growth.
"The sector will face a big challenge in December when the new wage for the workers will be implemented as manufacturing cost is expected to increase up to 30-35 per cent," he added.
We are getting good response from the buyers but still need more with fair price, he said.
Exports were dull during the last fiscal year as shipment orders plunged in the wake of the world's worst economic meltdown, EPB official said.
But at the end of last fiscal shipments have clawed back riding on the best performance in decades by jute and jute goods, bicycles and a late revival by knitted and woven garment items.
Raw jute, jute goods, frozen shrimp, leather and footwear have been the best performers this year, posting 46.60, 39.06, 42.51, 42.40 and 51.33 per cent growth respectively in the first four months, EPB data showed.
Bangladesh has set a $18.500 billion export target for the fiscal year of 2010-11 against the export earnings of $16.204 billion in June-July of 2009-10 financial year.
Country's merchandise exports marked an impressive 65 per cent growth in October 2010 which reached $1.68 billion thanks to the major earning sectors' forward march in two new markets.
The export earnings in October 2009 were $1.02 billion, according to the EPB.
With healthy performance from the major export-earning knit and woven garment sectors, the overall export income for the first four months of the current fiscal of 2010-11 witnessed a 37.35pc rise compared to the corresponding period of the last FY.
The overall earning during July-October in 2010-11 period stood at $6.721 billion against $4.893 billion of last fiscal.
Bangladeshi products are getting good response from Japan and Germany with a remarkable growing demand from these new markets, he added.
The EPB chief said moreover more buyers are coming to Bangladesh abandoning China as the production cost in that country is increasing.
Shipment of knitwear items such as sweaters and T-shirts scaled up by 38 per cent to $2.88 billion in the four months to October and woven items rose by 39.45 per cent to $2.34 billion.
"This is a good sign as the market is picking up due to the high order flow," Abdus Salam Murshedy, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said.
At the same time he demanded better service at the ports and constant supply of power and energy to sustain the record growth.
"The sector will face a big challenge in December when the new wage for the workers will be implemented as manufacturing cost is expected to increase up to 30-35 per cent," he added.
We are getting good response from the buyers but still need more with fair price, he said.
Exports were dull during the last fiscal year as shipment orders plunged in the wake of the world's worst economic meltdown, EPB official said.
But at the end of last fiscal shipments have clawed back riding on the best performance in decades by jute and jute goods, bicycles and a late revival by knitted and woven garment items.
Raw jute, jute goods, frozen shrimp, leather and footwear have been the best performers this year, posting 46.60, 39.06, 42.51, 42.40 and 51.33 per cent growth respectively in the first four months, EPB data showed.
Bangladesh has set a $18.500 billion export target for the fiscal year of 2010-11 against the export earnings of $16.204 billion in June-July of 2009-10 financial year.