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Export earnings post over 4% growth in Q1

  • Published at 12:50 am October 9th, 2016
  • Last updated at 12:30 am November 1st, 2016
Export earnings post over 4% growth in Q1
However, Bangladesh export earnings have seen a 5.63% fall to $2.24% billion in September of the current fiscal year due to holidays on the occasion of Eid-ul-Azha. In September last year, Bangladesh had fetched $2.37 billion as export earnings. According to Export Promotion Bureau (EPB) data, Bangladesh earned $8.08 billion in September and in July-September of the current fiscal, which was 4.12% higher compared to $7.75 billion a year ago. As per the EPB data, RMG sector, the life line of Bangladesh, export earnings has earned $6.66 billion posting a 3.52% rise compared to $6.43 billion in the same period a year ago. The knitwear posted a 4.64% growth to $3.40 billion but the woven garments witnessed slow growth than the knitwear products. Export earnings from the woven products stood at $3.26 billion, a 2.38% up compared to $3.19 billion in the first quarter of the current fiscal year. “In the first quarter, export earnings showed an over 4% growth, though it is less than the target,” EPB Vice Chairman Mafruha Sultana told the Dhaka Tribune. The growth is less than target because of holidays on the occasion of Eid-ul-Azha, said Mafruha. The growth will get its momentum in the coming months as there is calm situation in the country, she added. “Negative growth than the target is not expected. However, slow demands in the US and European markets may be a reason behind the lower growth than the target,” Khondaker Golam Moazzem, additional research director of Centre for Policy Dialogue (CPD) told the Dhaka Tribune. Since about 82% export earnings came from the clothing industry, a 3.5% growth the sector is not enough and also not a good sign for Bangladesh, said Moazzem. Bangladesh should concentrate on non-tradition market as there is slow demands in the traditional markets, while the other has standard growth, he said. In achieving US$50 billion export target from the RMG sector by 2021, the apparel industry needs an average 13% growth. “A 3.5% growth is not so bad as there were two major vacation on the occasion of two holy Eid,” Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Vice President Mahmud Hasan Khan Babu told the Dhaka Tribune. The export earnings will see better growth as the sector has plenty of work orders for during July-December of the current fiscal, hoped Babu.