Country’s export earnings rebounded in March of the current financial year 2016-17 overcoming the negative earnings growth of the month of February and slow growth in previous couple of months.
Export earnings in March grew by 9.83 per cent to $3.11 billion from $2.83 billion in the same month of last year, according to Export Promotion Bureau data released on Wednesday.
Country’s export earnings in the July-March period of FY 17 increased by 3.97 per cent to $25.94 billion from $24.95 billion in the same period of FY 16, the EPB data showed.
According to the EPB data, export earnings in the first nine months of FY 17 fell by 4.30 per cent from its target $27.11 billion which was set by the government.
Exporters said that earnings in the month of March increased a little bit but challenges still remained in the international market as the competitor countries started to beat Bangladesh.
They said that country’s overall export earnings growth was not satisfactory and so there was no reason to be complacent with the growth of only one month (March).
The EPB data showed that earnings from readymade garment exports in the July-March period of FY17 grew by 2.39 per cent to $20.92 billion from $20.44 billion in the same period of FY16.
The earnings from RMG export were 5.98 per cent lower than the target of $22.25 billion set by the government for the July-March period of FY17.
‘Overall earnings growth from RMG export were being lowered every month. In July-February period earnings growth from RMG was registered 2.82 per cent but the sector registered export growth of 2.39 per cent in July-March period,’ Md Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association, told New Age on Wednesday.
He said that except Germany, country’s export earnings from most of the big markets witnessed negative growth due to sluggish consumption in the world market.
EPB data showed that export earnings from the woven garments in the July-March period of FY17 grew by 0.18 per cent to $10.78 billion from $10.76 billion in the same period of FY16.
The knitwear export in the nine months of FY17 grew by 4.85 per cent to $10.14 billion from $96.74 billion in the same period of FY16.
Export earnings from the US, the single largest export destination for Bangladesh, in the July-March period of FY17 fell by 5.95 per cent to $4.32 billion from $4.59 billion in the same period of FY16, according to the EPB data.
Export earnings from the United Kingdom, the country’s third largest export destination, in the first nine months of FY 17 fell by 6.91 per cent to $2.63 billion from $2.82 billion in the same period of FY16.
Export earnings from Germany, the second biggest market for Bangladesh’s exports, grew by 16.04 per cent to $4.24 billion in the July-March period of FY17 from $3.65 billion in the same period of FY16.
Export earnings from China in the first nine months of FY17 grew by 32.06 per cent to $736.92 million from $558.01million in the same period of FY16, the EPB data showed.
Abdus Salam Murshedy, president of the Exporters
Association of Bangladesh, said that it was good that the export earnings witnessed higher growth in the month of March but overall scenario was not comfortable for the RMG exporters.
‘Country’s apparel makers have been facing tough challenges in the international markets as competitor countries are getting support from their respective governments while our competitive edge is being blunt due to appreciation of currency and high price of fuel oil,’ he said.
To gain the expected level of export earnings, the government would have to provide policy support in coming national budget, he said.
Exports earnings from leather and leather products in the July-March period of FY17 grew by 8.41 per cent to $922.96 million compared with that of $851.33 million in the same period of FY16.
Export earnings from leather-footwear exports increased by 13.13 per cent to $400.50 million while leather products fetched $321.41 million with 12.33 per cent growth in the July-March period.
Export earnings from jute and jute goods in the nine months of FY17 increased by 13.94 per cent to $731.02 million from $641.58 million in the same period of FY16.
Export earnings from engineering products grew by 27.44 per cent to $542.64 million from $425.80 million in the same period of FY16.
Source: New Age