Export to US sees 4.70pc growth in July-Feb of current fiscal

News - Export to US sees 4.70pc growth in July-Feb of current fiscal
 Export earnings from USA, the largest export destination for Bangladesh goods, witnessed a 4.70 percent growth during the first eight months (July-February) of the current fiscal (2012-13), mostly due to moderate performance of the RMG sector.

The export earnings totaled US$ 3,471.48 million during July-Feb of current fiscal (2012-13) compared to $ 3,315.73 million during the same period of the previous year (2011-12). The amount represents 19.95 percent of the country’s total export earning during the period.

According to recent statistics compiled by the Export Promotion Bureau (EPB), RMG export, including knitwear, to the US amounted to $ 3,186.03 million during the July-Feb period of the current fiscal compared to $ 2,977.32 million during the corresponding period of the previous fiscal. The RMG items, including knitwear, witnessed a 7.01 percent growth in the US market.

The major exports to the US market during the period were woven garment ($ 2,468.99 million), knitwear ($ 717.04 million), frozen shrimp ($ 26.87 million), home textiles ($ 124.72 million) and cap ($ 24.76 million).

During the period, around 34.78 percent of the country’s total woven garment exports entered the US market, followed by knitwear 10.65 percent and frozen shrimp 8.74 percent.

Bangladesh’s export earnings from the US in fiscal 2010-11 were impressive as it totaled $ 5107.52 million showing a 29.29 percent gain over that of fiscal 2009-10.

The export earnings in fiscal 2009-10, however, totaled US$ 3.14 billion, a 7.74 percent fall over $ 3.4 billion in 2008-09, mostly because of the global economic recession.

The RMG export, including knitwear, witnessed a sharp fall of over 6 percent in fiscal 2009-10, fetching $ 2.9 billion as against $ 3.1 billion in 2008-09.

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 rose steadily to cross the $ 3-billion mark in 2005-06, and peaked at nearly $ 3.6 billion during the 2007-08 fiscal.

Source: UNB Connect

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