Exports grow by 2.58pc in July-Sept

0
6

The country’s export earnings in the July-September period of the current financial year 2020-21 grew by 2.58 per cent to $9.89 billion from $9.64 billion in the same period of last fiscal year due to readymade garment products’ good performance in the European market despite the COVID-19 pandemic, exporters said.

They termed the export earnings growth in the first quarter of current financial year ‘unexpectedly good’, saying the global economy was recovering from the shock of coronavirus pandemic.

Exporters also said that some orders shifted to Bangladesh from China helped the country’s export earnings return to the positive track.

Export earnings in September of FY21 increased by 3.53 per cent to $3.01 billion from $2.91 billion in the same month of FY20, according to Export Promotion Bureau data.

‘Retail sales in our major markets have gained some momentum in the past two months. So there are some surges in orders. However, price-wise it’s havoc,’ Bangladesh Garment Manufacturers and Exporters Association president Rubana Huq told New Age on Sunday.

The EPB data showed that earnings from RMG exports in the three months of FY21 grew by 0.85 per cent to $8.12 billion from $8.05 billion in the same period of FY20.

‘Export earnings growth in the first quarter of FY21 is encouraging. I think the performance of RMG sector is unexpectedly good,’ Fazlul Hoque, former president of the Bangladesh Knitwear Manufacturers and Exporters Association, told New Age on Sunday.

He said that the decision for reopening factories in May and recovery of EU economy were the key reasons for the export rebound amid the pandemic, he said.

Earnings from woven garments in July-September of FY21 fell by 5.78 per cent to $3.66 billion from $3.88 billion in the same period of last fiscal year.

Knitwear export in the first quarter of this fiscal year increased by 7.04 per cent to $4.46 billion from $4.17 billion in the last fiscal year.

Fazlul said that European countries were the main markets of Bangladeshi knitwear products and the EU economy was recovering in a faster rate than the US.

The US was the main market of woven garments and the earnings witnessed a negative growth in the destination due to the slow recovery of its economy but hopefully it would be minimised in the coming months, he said.

Export earnings from leather and leather goods in July-September of FY21 fell by 11.49 per cent to $225.15 million from $254.39 million in the same period of last fiscal year.

Export earnings from leather-footwear in the first quarter decreased by 6.83 per cent to $148.36 million from $159.23 million while other leather products fetched $53.00 million with a 17.79-per cent negative growth in the period.

Earnings from the home textile export in July-September of FY21 increased by 40-74 per cent to $252.35 million from $179.30 million in the same period of FY20.

Export earnings from agriculture products in the first quarter of FY21 grew by 3.40 per cent to $271.49 million from $262.57 million in the same period of FY20.

Export of jute and jute goods increased by 39.26 per cent to $307.55 million from $220.85 million, the data showed.

Export earnings from frozen and live fish increased by 5.11 per cent to $131.60 million from $125.20 million while the shrimp export fell by 3.35 per cent to $96.70 million in the first quarter of FY21.

Export earnings from engineering products in July-September of FY21 grew by 19.43 per cent to $111.09 million from $93.02 million in the same period of last fiscal year, the EPB data showed.

(function(d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “https://connect.facebook.net/en_GB/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));

Source link

Leave a Reply