The country’s export earnings have reduced by 82.85 percent to $520.01 million in April in current year over the same period of previous year.
Experts said the export earnings witnessed a rapid fall due to closure of factories and disruption ofglobal supply chain due to the coronavirus pandemic.
Besides, slow demands and orders cancellation of RMG (readymade garment) products due to ongoing Covid-19 pandemic have reduced the earnings, they added.
Majority of the export-oriented factories, including RMG, remained closed from March 26 to April 25 due to the public holidays amid coronavirus outbreak, they informed.
The export earnings were $3.03 billion in April 2019 while it was $2.73 billion in March in the current calendar year.
The overall export earnings decreased by 13.09 percent to $29.49 billion during July-April of the current FY20 against $33.93 billion in the same period of previous fiscal, according to the Export Promotion Bureau (EPB).
The earnings also reduced short of the target set for the period by 21.24 percent.
In the last fiscal year, the country brought in $40.53 billion by exporting goods.
However, the country’s earnings from ready-made garment (RMG) exports witnessed a negative growth to hit $24.47 billion during July-April period of FY20 against $28.49 billion during the same period a year earlier, posting a 14.08 percent negative growth.
The earnings also missed target set for the period by 22.14 percent.
Meanwhile, the knitwear export stood at $12.13 billion during July-April period in FY20, posting a 13.85 percent lower from $14.08 billion, over the same period of the previous fiscal year.
Export earnings from the woven fabric declined by 14.31 percent to $12.34 billion from $14.40 billion over the same period of the previous fiscal.
Besides, earnings from home textile stood at $620.9 million, a decline by 14.19 percent from $723.59 million. It fell short of the target by 15.33 percent.
Export earnings from leather and leather goods also decreased by 16.26 percent to $700.93 million during the period from $837.07 million in the same period of previous fiscal.
Agro-products, like- vegetables, fruits and spices, fetched $755.8 million, a 4.44 percent down from $790.9 million.
Frozen and live fish exports fetched $411.91 million in the first eight months of this fiscal, posting a negative growth of 7.74 percent.
Exports from plastic also witnessed a negative growth of 14.25 percent to $86.05 million during July-April period of FY 20.
Ceramic products exports during the period decreased by 59.35 percent to $25.66 million from $63.12 million.
However, jute and jute goods exports rose by 13.78 percent to $791.33 million from $695.52 million.
Pharmaceuticals exports also grew by 2.69 per cent to $114.71 million.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president RubanaHuq said, “We are passing a very difficult time in garment industry due to the spread of pandemic coronavirus as foreign buyers are cancelling their placed work orders in the country.”
If this situation would continue for a long time, many companies cannot sustain for their losses, she added. As a result, huge employees would lose their jobs, she added.
Eminent economist Zahid Hussain told The Bangladesh Post that “Bangladesh is going to face many challenges as coronavirus has broken down all activities of the country.”
Hence, the government should immediately provide cash financial incentives to all sectors for managingbleak situation of the country, he added.
