Country’s export earnings have started turning around as the overall export earnings increased by 85.61 percent or $1.25 billion to stand at $2.71 billion in June.
The country has earned more than $1.46 billion by exporting goods in May, according to the Export Promotion Bureau.
The figure was only $0.52 billion in April.
The export earnings grew almost five times over in June comparing to April in the FY20, which was 2.5 percent less than the same period last financial year.
However, the country’s export earnings have witnessed a negative growth to stand at $33.67 billion in the last fiscal year 2019-20, which is 16.93 percent less than the previous fiscal year and 26 percent less than the target.
In this context, Abdus Salam Murshedy, President of Bangladesh Exporters Association, said, “The growth in export earnings towards the end of the financial year is definitely a positive development. This is a positive message as well as good news for the country.”
However, it was already known that there would be more export earnings during this period dut to the last two months (March and April), we have not been able to export due to maintaining lockdown to stop spread of Covid-19, he added.
He expects that this trend will continue in the coming months.
He said the good thing is that the workers are now following the hygiene rules.
“In July-August, there are less orders for clothes from all over the world. So, there is also a big challenge ahead,” he mentioned.
He urged the government to recruit skilled people in different sector and diversify products and market to secure the export earnings.
However, the country’s earnings from readymade garment (RMG) exports witnessed a negative growth to hit $27.94 billion during FY20 against $28.49 billion during the same period a year earlier, posting a 18.12 percent negative growth.
The earnings also missed target set for the period by 26.83 percent.
Meanwhile, the knitwear export stood at $13.90 billion during FY20, posting a 17.65 percent lower from the previous fiscal year.
Export earnings from the woven fabric declined by 18.58 percent to $14.04 billion from the previous fiscal.
On the other hand, export earnings from leather and leather goods have witnessed a large negative growth during last fiscal year due to the coronavirus epidemic.
In the last fiscal year, the export income of this sector was decreased by 21.79 percent. Income from this sector was decreased by 27.3 percent to $797.6 million from $1,019 million.
However, Jute, the golden fiber of Bangladesh, may bring a golden future for the country. It may also contribute to become the new growth driver of the country’s economy.
The export earnings from the jute and jute-made goods stood at $882.3 million during the last fiscal year, 2019-20, which is 8.10 percent more than the earnings of the previous fiscal, according to the Export Promotion Bureau (EPB).
It is also higher than the strategic export target of 7 percent during the time.
Economists said the demand for jute and jute products has increased due to the reduction in the use of polythene in the world in response to the demands of environmentalists.
Hence, it is high time the government should expand this sector through ensuring quality and diversifying the market across the globe to boost the export earnings during the corona crisis, they added.
Besides, the export earnings from medicines have increased by 4.49 percent.
