Dhaka, Bangladesh (BBN) – Bangladesh’s export earnings in July dropped because of lower shipments of apparel after registering a record high in the previous month.
The country’s export earnings fell by 3.49 per cent to US$2.53 billion in July, the first month of the ongoing fiscal year (FY) 2016-17 from $2.62 billion in the same month of last year, according to the state-run Export Promotion Bureau (EPB) data.
Garment shipments brought home $2.11 billion in July, down 4.41 per cent year-on-year. The receipt from apparel exports was also 23.6 per cent below the monthly target of $2.77 billion.
Bangladesh government set the export target for the FY 17 at $37 billion, up 8.0 per cent from fiscal the FY 16’s receipts.
On the other hand, India’s exports shrank again in July contracting 6.84 per cent due to decline in shipments of engineering goods and petroleum products.
Merchandise exports totalled $21.69 billion in July as against $23.28 billion in the same month last year, reports PTI.
Declining exports as well as in imports narrowed the trade deficit in July to $7.76 billion as against $13.09 billion in the year-ago period.
Exports have been falling since December 2014 due to weak global demand and slide in oil prices.
As per the data released by Commerce and Industry Ministry of India, imports in July were at $29.45 billion, down 19.03 per cent from $36.37 billion in the same month a year ago.