Export earnings from USA fall by 6.01%

Export earnings from the USA, the largest export destination for Bangladesh products, witnessed a 6.01 percent fall during last fiscal (2016-17) compared to the previous fiscal year (2015-16), which is mostly attributed to the moderate performance of the RMG sector.

Bangladesh exports to the USA totalled $5,846.64 million during the last fiscal (2016-17) compared to $ 6,220.65 million during the corresponding period of the previous fiscal (2015-16).

The amount represents 16.78 percent of the country’s total export earnings during the period.

According to the statistics compiled recently by the Export Promotion Bureau (EPB), the major exports to the US market during the last fiscal year were woven garment ($ 3,901.94 million), knitwear ($ 1,302.06 million), home textiles ($ 188.30 million) and cap ($ 136.48 million).

During the period, around 27.11 percent of the country’s total woven garment exports entered the US market, followed by knitwear 9.46 percent and home textile 20.32 percent.

Despite political unrest, Bangladesh’s export earnings from the US in fiscal 2014-15 were impressive with $ 5.783 billion, up from $ 5.583 billion in fiscal 2013-14.

The export in fiscal 2012-13 brought in $5,419.60 million. In 2011-12, it was also laudable totalling $ 5,100.91 million, slightly down from $ 5,107.52 million in fiscal 2010-11.

The export earnings in fiscal 2009-10, however, totalled $ 3,950.47 million, down from $ 4,052.00 million in 2008-09, mostly because of the global economic recession. The 2009-10 fiscal marked the end of an ups-and-down period for Bangladesh exports to the US.

From the robust $ 2.5 billion during the 2000-01 fiscal, exports had fallen below $ 2 billion by 2003-04. Exports to the US rose steadily to cross the $ 3 billion mark in 2005-06, and peaked at nearly $ 3.6 billion during the 2007-08 fiscal.

The export earnings of Bangladesh in the last fiscal year (2016-17) totalled $ 34,835.09 million against the strategic target of $37,000 million which is also 5.85 percent short of the strategic target.

Source: The Daily Ittefaq

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