An apparel factory in Bangladesh. Photo: BBN file photo
Dhaka, Bangladesh (BBN)- Bangladesh’s overall export earnings grew by 3.67 per cent in the first 11 months of the current fiscal year (FY) compared to the same period of the previous fiscal.
The export earnings rose to US$31.79 billion during the July-May period of the FY 2016-17 from $30.66 billion in the same period of the FY 16, according to statistics from the state-run Export Promotion Bureau (EPB).
The earnings during the period under review fell 4.68 per cent short of the period’s target of $ 33.35 billion set by the government earlier.
On the other hand, the export earnings increased by 1.39 per cent to $3.07 billion in the month of May last from $3.03 billion a year ago.
The export earnings from RMG sector increased by 2.16 per cent to $25.62 billion during the period under review from $25.08 billion in the same period of the last fiscal, the EPB data showed.
But the sector, which is considered to be the lifeline of Bangladesh economy in terms of export earnings, failed to reach its target of $27.38 billion.
Some $12.50 billion came from knitwear products, and woven garments saw a negative growth as earnings from woven products stood at $13.11 billion, while the figure of woven garments was $13.16 billion in the last fiscal.
Talking to the BBN, a leading exporter said the export earnings growth for 11 months of the current financial year is not satisfactory and it would not be possible to achieve the annual earnings target.
He said also that RMG export increased in volume but decreased in value due to devaluation of US dollar, Euro and Pound against Bangladesh Taka. “We need to devalue our local currency against the US currency further to enhance competitiveness in the global market.”
BBN/SSR/AD