Export earnings in the country maintained a healthy growth in the first month of the current fiscal year.
Despite the economic turmoil across the globe, export earnings in Bangladesh in July, 2022 exceeded the set target of US$ 3.92 billion and reached $3.98 billion. The increase was 14.72 percent against July, 2021.
Experts said the country’s export earnings continued to rise and it was a ‘very good’ sign for the country’s economy despite the volatile global trade situation due to the Russia-Ukraine war.
The government had fixed an export target of $3.92 billion for July, 2022 as the country earned $3.47 billion in July 2021.
The country's largest export sector readymade garments earned $3.37 billion which is 16.61 percent higher than that of the same period of the previous year amounting to $2.89 billion.
This sector also surpassed its target by 6.45 percent as the target of the sector was fixed at $3.16 billion for July 2022.
Of the receipts from the RMG, more than $1.85 billion came from knitwear shipments in July 2022, up 11.80 percent over the corresponding period of the previous year, while woven items fetched around $1.51 billion, rising 23.11 percent, according to the Export Promotion Bureau (EPB).
Mohiuddin Rubel, Director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told Bangladesh Post, “RMG export grew by 16.61 percent in July this year and reached $3.37 billion. Woven export has seen a growth of 23.11 percent and the export of knitwear grew by 11.80 percent. EURO is falling against US dollars and the cost of inputs is on the rise. This growth is showing the resilience of our industry despite the economic slowdown in advanced countries .”
Meanwhile, leather and leather products also saw 9.82 percent growth to stand at $99.41 million last month.
Besides, export earnings from jute and jute goods rose by 5.17 percent to $63.91 million, but the sector failed to achieve its target which was fixed at $88.51 million in July while the export earnings from Plastic Products jumped by 44.32 percent to stand at $14.62 million.
On the other hand, during this time, agriculture sector earnings dropped by 34.89 percent to $63.91 million. The government projection was $94.22 million.
According to official data, the fish, pharmaceuticals and home textiles sectors also performed well in July.
