Dhaka, Bangladesh (BBN) – Bangladesh’s overall export earnings grew by 4.44 per cent in the first-half (H1) of the current fiscal year following lower shipments of readymade garments products due to labour unrest
The export earnings rose to US$16.80 billion during the July-November period of the fiscal year (FY) 2016-17 from $16.08 billion in the same period of the FY 16, according to statistics from the state-run Export Promotion Bureau (EPB), released on Wednesday.
The earnings during the H1 fell 3.28 per cent short of the period’s target of US$ 17.37 billion, according to Export Promotion Bureau (EPB) statistics released Wednesday.
The earnings, however, fell short of the target by 3.28 per cent set by the government earlier for the H1 of this fiscal.
On the other hand, the export earnings decreased by 3.03 per cent to $3.11 billion in the month of December last from $3.20 billion in December 2015.
The negative growth in December had an impact on the overall earnings in H1, according to the officials.
Talking to BBN, Faruque Hassan, senior vice president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said RMG exports faced a setback in December last mainly because of mass closure of manufacturing units in the industrial hub of Ashulia due to labour unrest over wage hike demand.
Mr. Hassan stressed the need for policy supports, mainly depreciation of the Bangladesh Taka against the US dollar, to boost exports in the coming months through strengthening competiveness.
RMG exports increased by 4.37 per cent to $13.71 billion during the period under review from $13.13 billion a year ago, the EPB data showed.
The woven garment exports grew by 2.87 per cent to $6.90 billion during the first six months, from $6.70 billion in the same period of the FY 16, while knitwear exports increased by 5.93 per cent to $6.81 billion from $6.43 billion.
The export earnings from leather and leather goods increased 11.93 per cent to $627.86 million in H1 while jute and jute goods rose by 11.52 per cent to $472.57 million.
Besides, the exports of frozen and live fish in H1 of the FY17 grew by 2.03 per cent to $ 291.56 million from US$ 285.76 million a year ago.