RMG factory

Working in a RMG factory of Bangladesh BBN file photo

Dhaka, Bangladesh (BBN) – Bangladesh’s export earnings grew by 7.15 per cent in the first half (H1) of the ongoing fiscal year (FY) 2017-18 mainly due to depreciation of the local against the US dollar.

The overall export earnings rose to US$17.92 billion in the July-December period of the FY 18 from $16.72 billion in the same period of the FY 17, the state-run Export Promotion Bureau (EPB)’s latest data showed.

Bangladesh also beat the export target for July-December by 0.23 percent, according to the Export Promotion Bureau.

The aggregate export receipts during the period under review were also slightly (0.23 per cent) up from the strategic target of nearly $ 17.87 billion, the EPD data showed.

Alone in December, exports receipts stood at $3.35 billion, up 8.42 percent over the same month in the last fiscal year. The monthly target was, however, missed by 1.84 per cent.

The country’s export growth was satisfactory but ‘nothing to be overwhelmed,’ exporters said, adding that the exchange of Bangladesh Taka (BDT) depreciated against the US currency helped to achieve the growth.

The export growth rate in the first half of this fiscal year is better than the growth the country’s exports witnessed in the first couple of months of the year, the EPB data showed.

As import payments have increased significantly in recent months, the country needs to accelerate export growth as well, according to experts.

Earnings from readymade garment (RMG) covering both knitwear and woven increased by 7.75 per cent to $14.77 billion during the period under review from $13.71 billion in the same period of the FY 17.

Knitwear exports went up by 11.47 per cent year-on-year to $7.59 billion in July-December from $6.81 billion while shipment of woven garments rose by 4.08 per cent to $7.18 billion from $6.90 billion.

Among other items, exports of jute and jute goods fetched $ 574.06 million and that of agricultural products $ 310.36 million during the July-December period this fiscal year, posting a 21.48 per cent and 19 per cent increase respectively over that the corresponding period of last fiscal.

On the other hand, earnings from shipment of home textile products during the H1 of the FY 18 rose by 15.65 per cent to $ 407.73 million while that of leather and leather products fell by 1.21 per cent to $ 620.27 million over the same period of last fiscal.