Export earnings rebound strongly in Aug [ Tritiyo Matra News ]

Export earnings rebound strongly in Aug

Local September 06, 2016

Country’s export earnings in two months of the current financial year 2016-17 grew by 8.42 per cent to $5.83 billion compared with that of $5.38 billion in the same period of the FY 2015-16 because of a surge in shipments in August.
Overcoming a 3.49-per cent negative growth in July, the first month of FY17, the earnings in the July-August period registered a satisfactory growth due to a strong performance in the month of August.
According to the Export Promotion Bureau data, export earnings in August increased by 19.76 per cent to $3.30 billion from $2.75 billion in the same month of the previous year.
Commerce minister Tofail Ahmed on Monday said that the export earnings growth in July-August proved that Bangladesh was on right track and the export earnings would increase more in the coming days.
‘Those who thought that foreign buyers would leave Bangladesh due to the terror attack at Holey Artisan at Gulshan in the capital have been proved wrong,’ the commerce minister said.
Experts and exporters termed the earnings growth in the first two months of FY17 encouraging and said that to achieve the export target set by the government more growth would be needed.
‘It is a good sign that the export earnings in August registered a positive growth, overcoming the negative growth in July,’ said Mustafizur Rahman, executive director of the Centre for Policy Dialogue, a local think tank.
He said to achieve the government-set export target more growth would be needed and it is important to diversify the export products and destinations.
‘Considering the global challenges we have to encourage green production to remain competitive in the world market,’ Mustafiz said.
Mahmud Hasan Khan, vice-president of the Bangladesh Garment Manufacturers and Exporters Association, said that export witnessed a negative growth in July due to a long vacation for Eid-ul-Fitr that was celebrated in the month.
He said that the growth might decline in September as many of the exporters rushed to make early shipments in August before Eid-ul-Azha which will be celebrated on September 13.
The EPB data showed that the earnings from RMG products export in the July-August period of FY17 grew by 8 per cent to $4.84 billion from $4.48 billion in the same period of FY16.
The export earnings from the knitwear sector in the two months increased by 9.49 per cent to $2.47 billion compared with that of $2.25 billion in the same period of FY16.
The earnings from woven sector grew by 6.49 per cent to $2.37 billion from $2.22 billion.
The data showed that leather and leather product exports in the July-August period of FY17 grew
by 15.31 per cent to $226.74 million compared with that of $196.63 million in the same period of FY16.
Earnings from leather footwear export in the two months of FY17 grew by 23.62 per cent to $120.59 million from $97.55 million in the same period of FY16 while the earnings from leather products increased by 18.96 per cent to $62.24 million.
Frozen food and fish exports in the July-August period of FY17 grew by 21.19 per cent to $89.51 million from $73.86 million.
Earnings from jute and jute goods in the two months of FY17 grew by 5.52 per cent to $140.75 million from $133.39 million in the same period of FY16.
The EPB data showed that the export earnings from engineering products in the two months of FY17 fell by 31.44 per cent to $67.37 million from that of $98.27 million in the same period of FY16.