An apparel factory in Bangladesh. Photo: BBN file photo

Dhaka, Bangladesh (BBN) – Bangladesh’s export earnings from the USA witnessed 2.23 per cent growth in the third quarters Q3) of this fiscal year (FY) compared to the same period of the previous fiscal.

Bangladesh export to the USA rose to $ 4.41 billion in the July-March period of the FY 2017-18 from $4.32 billion in the same period of the FY 17.

The amount of export earnings represents 16.08 per cent of the country’s total export earnings during the period under review.

The major exports to the US market during period under review were woven garment ($2.91 billion), knitwear ($1.01 billion), home textiles ($140.99 million) and cap ($ 97.05 million), according to the state-run Export Promotion Bureau (EPB)’s latest statistics.

During the period, around 25.32 per cent of the country’s total woven garment exports entered the US market, one of Bangladesh’s key destinations, followed by knitwear (8.96 per cent) and home textile (18.23 per cent).

Despite political unrest, Bangladesh’s export earnings from the US in the FY 15 were impressive with $5.783 billion, up from $5.583 billion in the FY 14.

Export earnings from the USA, however, witnessed a 6.01 per cent fall in the FY 17 compared to the FY 16 mostly due to the moderate performance of the RMG sector.

Bangladesh exports to the USA totaled $5.85 billion in the FY 17 compared to $6.22 billion in the previous fiscal, the EPB data showed.

The exports in fiscal 2012-13 were also impressive with $5,419.60 million.

The exports in FY 12 were also laudable totaling $5.10 billion, slightly down from $5.12 billion in the FY 11.

The export earnings in FY 10, however, totaled $3.95 billion, down from $4.05 billion in the FY 09, mostly because of the global economic recession.

The FY 10 fiscal marked the end of an ups-and-downs period for Bangladesh exports to the US. From the robust $2.5 billion during the FY 01 fiscal, exports had fallen below $2.0 billion by the FY 04. Exports to the US rose steadily to cross the $3.0 billion mark in the FY 06, and peaked at nearly $3.6 billion during the FY 08.

BBN/SSR/AD