Dhaka, Bangladesh (BBN)– Bangladesh’s overall export earnings grew by 4.36 per cent in the first seven months of the current fiscal year despite slowdown in the US economic growth.
The export earnings rose to US$20.11 billion during the July-January period of the fiscal year (FY) 2016-17 from $19.27 billion in the same period of the FY 16, according to statistics from the state-run Export Promotion Bureau (EPB), released on Monday.
The earnings during the period under review fell 4.43 per cent short of the period’s target of US$ 21.04 billion set by the government earlier.
On the other hand, the export earnings grew by 3.97 per cent to $3.31 billion in the month of January last from $3.18 billion in January 2016.
Slower economic growth in the United States and depreciation of the Great Britain Pound (GBP) might have impacted on the overall export earnings of Bangladesh, according to experts and exporters.
They also suggested the government for taking effective initiatives for increasing competitiveness to retain the market share particularly in the US and the United Kingdom.
RMG exports increased by 4.14 per cent to $16.41 billion during the period under review from $15.76 billion a year ago, the EPB data showed.
The woven garment exports grew by 2.37 per cent to $8.06 billion during the first seven months, from $8.16 billion in the same period of the FY 16, while knitwear exports increased by 6.03 per cent to $8.06 billion from $7.60 billion.
Jute and jute goods sector was one of the top export performers during the period under review, with shipments rising 14.05 per cent year-on-year to $563.98 million. It was also higher than its periodic target of $548.26 million.
Shipments of leather and leather goods grew well during the seven-month period. It stood at $743.77 million, up 12.18 per cent year-on-year. This segment too hit its periodic target of $693.85 million.