The country’s export earnings in December 2023 of the financial year 2023-24 declined by 1.06 per cent to $5.30 billion year-on-year compared with those of $5.36 billion in the same month of 2022.
However, export earnings in the first half (July-December) of FY24 witnessed a meagre growth as demand for apparel products decreased on major markets, including the United States and the European Union, due to global economic slowdown.
Export earnings in July-December of FY24 increased by 0.48 per cent to $27.56 billion compared with those of $27.31 billion in the same period of FY23, according to Export Promotion Bureau data released on Tuesday.
Export earnings from readymade garment products in July-December of FY24 grew by 1.72 per cent to $23.39 billion compared with those of $23 billion in the same period of FY23.
Export earnings from woven garments in the first half of FY24 decreased by 4.12 per cent to $9.91 billion compared with those of $10.33 billion in the same period of the previous financial year.
Export earnings from knitwear in July-December of FY24 increased by 6.48 per cent to $13.48 billion compared with those of $12.66 billion in the same period of FY22.
In calendar year 2023, export earnings from RMG stood at $47.39 billion, which was 3.67 per cent higher than those of $45.71 billion in 2022.
Bangladesh Garment Manufacturers and Exporters Association director Mohiuddin Rubel said that considering the global economic and geo-political crisis, Bangladesh did fairly well.
He said that imports of some of the major markets declined as most of the advanced economies were struggling due to high inflation and impact on consumers due to monetary policy measures taken to contain inflation.
‘We believe that 2024 will be a year of turnaround since 2023 was a weaker year for this industry globally and there are some indications that consumption and spending may rebound,’ Rubel said.
The EPB data showed that earnings from home textile export in July-December of FY24 decreased by 38.48 per cent to $369.91 million compared with those of $601.26 million in the same period of FY23.
Export earnings from leather and leather goods in the first half of FY24 decreased by 17.93 per cent to $523.03 million compared with those of $637.29 million in the same period of FY23.
Export earnings from leather-footwear in the period fell by 32.72 per cent to $257.90 million from $383.31 million while other leather products fetched $197.76 million with a 4.15-per cent growth.
Export earnings from agricultural products in the first half of FY24 grew by 2.28 per cent to $507.93 million compared with those of $496.63 million in the same period of FY23.
Export of jute and jute goods fell by 10.24 per cent to $436.12 million compared with that of $485.88 million, the data showed.
Export earnings from frozen and live fish in July-January of FY24 decreased by 12.68 per cent to $215.13 million compared with those of $246.38 million in FY23 while shrimp export fell by 20.37 per cent to $145.91million in the first half of FY24.
New Age