Dhaka, Bangladesh (BBN)– Bangladesh’s overall export earnings grew by 9.72 per cent in the just-concluded financial year (FY) to cross US$ 34 billion over the previous fiscal.
The overall export earnings rose to $34.24 billion in the FY 2015-16 from $31.21 billion a year ago, according to the according to official data released by the state-run Export Promotion Bureau (EPB) on Wednesday.
Readymade garment (RMG), which typically accounts for more than 80 percent of the annual exports, brought home $28.09 billion, up by 10.42 per cent year-on-year, the EBB data showed.
Export earnings from shipment of woven garments increased by nearly 13 per cent to $14.74 billion in the last fiscal from $13.06 billion in the FY 15 while earnings from knitwear products rose by 7.47 per cent to $ 13.35 billion from $12.43 billion.
Higher export orders particularly diverted from China for RMG products have contributed to achieve the high export earnings growth in the last fiscal, according to exporters.
They also said China is not an attractive destination for the global retailers because of higher pricing than other countries. So the retailers are now shifting their work orders to other destinations and preferably to Bangladesh, they explained.
However, earnings from home textiles export declined by 6.38 per cent to stand at $ 753.01 million over $804 million in the previous fiscal.
Among other major players in the external trade, leather and leather products fetched $ 1.16 billion in the just-concluded fiscal, registering a 2.69 per cent growth over the FY 15.
Despite having a 5.88 per cent growth over the FY 15, export receipts from jute and jute goods fell short of the target by 2.90 per cent in the last fiscal.
Bangladesh earned $ 919.58 million by shipment of jute and jute goods in FY 16 against the target of $947 million, according to the EPB data.
On the other hand, export receipts from agricultural products increased by nearly 2.0 per cent to $ 596 million while footwear items fetched $219.18 million in the FY 16, reflecting a 15.69 per cent growth over the previous fiscal.
Earnings from shipment of engineering products also registered a 14.10 per cent rise to $510 million in the FY 16 over the previous fiscal.