The export basket of the country has widened and also the non-conventional exports have risen during the first half of the current fiscal year (FY), reports bdnews24.com.
As a result, Bangladesh export sector has grown between July and December.
According to the latest figures released by the Export Promotion Bureau (EPB), Bangladesh earned US$14.91 billion during the Jul-Dec period in the FY, 2014-15, 1.56 per cent more than the same period of the last FY.
Bangladesh has set an export target of $33.2 billion for FY, 2014-15.
"Our export market was limited to a handful of products in some countries until now. But the situation is no longer like that. Our products are going to new markets. New products are being listed for exports. Consequently, the total earnings rose despite a fall in several key exports," said EPB Vice-chairman Shubashish Bose.
The EPB figures show exports of several products that bring the major portion of the earnings have gone down in the first six months of the FY.
Exports of woven garments went down by 0.35 per cent, frozen food by 6.0 per cent; leather and leather goods by 12 per cent; raw jute by 4.39 per cent and terry towel by almost 47 per cent.
Meanwhile, there has been a significant increase in exports of fruits, dry foods, spices, plastic, ship building, wool and woolen products.
Fruit exports went up by 177 per cent, while spices by 36 per cent and dry foods by 70 per cent.
Exports of plastic saw a 40.35 per cent rise, while rubber edged up by 12 per cent. Earnings from handicrafts increased by 21 per cent and wool and woolen products registered a staggering 943 per cent rise.
Earnings in ship exports, that started a couple of years back, went up substantially.
Ships builders brought home $3.41 million in the first half of the current FY from only $0.06 million in the same period of the previous FY.
Bicycle exports surged 32 per cent, while electronic products saw a rise of 114 per cent.
Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President AKM Selim Osman said besides diversification of products, increase of knit garments exports to newer destinations like Australia, Japan, Turkey, Russia, China, and South Africa have boosted export earnings.
Bangladesh Institute of Development Studies (BIDS) Research Director Zaid Bakht said, "Attempts to diversify our export markets and products have been on for a while. The government have also offered incentives, which is bearing (good) results now."
Readymade garments (RMG) accounted for 81 per cent of exports during the first six months of the ongoing FY.
Knitwear had brought home the major portion, $60.616 billion, which is 2.0 per cent more than the same period of the last FY.
Woven garments earned $59.627 billion, which is 35 per cent less than the earning in Jul-Dec period in FY, 2013-14.
"The entry of our products in new markets caused the net increase in the export sector," said Selim Osman.
He said the average increase in knit garments export last FY was 17 per cent in several new markets.
"A lot depends on the political situation. I am hoping for a 10 per cent increase if things are in favour."
Bangladesh had earned $30.19 billion in FY, 2013-14, registering around 12 per cent growth over the previous FY, despite the fallout of the devastating Tazreen Fashions fire, the Rana Plaza collapse and the violent political turmoil preceding the last national polls.
