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Bangladesh exports up 9 percent in first three quarters of FY 2015-16Tuesday, April 12, 2016 > 10:32:36
(BD News 24)
Bangladesh’s export has grown by 9 percent in the first three quarters of the ongoing 2015-16 fiscal over the corresponding period in the last fiscal.
Between July 2015 and March 2016, exports fetched the country almost $25 billion. As usual, the apparel sector contributed the most—82 percent of the total exports.
But most other export sectors, except a few like, pharmaceuticals and ship-building, performed worse than last year.
The Export Promotion Bureau’s latest figures released on Tuesday say, out of the $24.95 billion worth exports in the three quarters, the ready-made garment sector accounts for $20.44 billion.
Drug manufacturers’ yield from the global market saw a 14 percent growth while the ship builders’ earnings grew by 9 percent.
But once a major export item for Bangladesh, shrimps, dropped 15.25 percent in export earnings in the three quarters of 2015-16.
Exports from the leather sector slumped by 30 percent while those from bicycles declined by 25.57 percent.
Earnings from products from the farming sector also shrunk. Tea exports fell by 39 percent, fruits and vegetables by over 40 percent.
The jute sector, however, suffered less than other items, earning 1.72 percent less than last year.
Analysts say that with summer approaching in the US and Europe, the increased demand for clothes explains the growth in apparel sector’s earnings.
“The demand (for clothes) is now high everywhere, including in the US and Europe and that has contributed to the increased export earnings,” said Economist Zaid Bakht of the Bangladesh Institute of Development Studies.
According to him, the stable political scenario has also helped.
Apparel-makers hope exports will register a 10-percent growth in the current fiscal.
“There’ is no (political) instability; no problems in export or import. The problems with gas and power are also resolved.
“And economies in the US and Europe are also recovering,” said Md Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
The business leader says that if things continue like this, then they can achieve the target of $50 billion export by 2021.
Out of the $20.44 billion fetched by the apparel sector so far in this fiscal, woven garments contributed $10.76 billion, growing by 12.64 from last year.
Meanwhile, earnings from knitwear products exports clocked at $9.67 billion, 6.68 percent higher from what it made in the last fiscal’s three quarters.