The country’s export earnings witnessed a robust growth in first ten months of the ongoing fiscal year (FY2018-2019).
In July-April period of the country’s total export earnings stood at $33.93 billion, up by 11.61 percent over the corresponding period of the previous fiscal.
The inflow was $30.40 billion during July-April in fiscal 2017-18.
The export earnings beat the strategic target set for this period of the current fiscal by 6.36 percent to $31.91 billion.
Experts have attributed the healthy growth in the country’s export earnings to strong dollar rate against Taka, quality products and time-befitting measures adopted by the government to support the industrial sector.
The experts said foreign buyers are slowly switching to Bangladesh as the country is shifting towards making high-value products.
They, however, urged the government to ensure a more business-friendly environment by improving ease of doing business.
Besides, the country needs some fiscal supports including reducing time of discharging export items from ports as well as improving communication systems which can help boost the export flow further, they added.
Official data show export earnings from readymade garments, which accounts for almost 84 percent of the total export earnings, went up by 12.59 percent during the July-April period of the current fiscal from $25.30 billion in the corresponding period of the previous fiscal.
On the other hand, export earnings from agricultural products stood $790.9 million, up by 45.61 percent over $543.18 million earned in the same period of the previous fiscal.
Besides, the plastic sector also witnessed a positive growth to $100.35 million during the time, which was 23.6 percent higher from $81.19 million in the same period of previous fiscal.
Meanwhile, export earnings from frozen and live fish, chemical, cotton and cotton products, ceramic products and Handicrafts also saw a positive growth.
The figures were $446.48 million, $175.21 million, $124.83 million, $63.12 million and $17.16 million respectively.
However, the leather sector needs special care for a rebound due to its facing huge difficulties to compete in the global market.
Export earnings from this sector stood at $837.07 million during July-April in FY2019, which was 8.69 percent lower than that in the same period of the previous fiscal.
During the first ten months of FY18, the figure was $916.74 million.
Besides, jute and jute goods and engineering products also decreased by 21.63 percent to $692.52 million and by 0.4 percent to $290.86 million during the time.
Rubber, wood and wood products, paper and paper products and home textile also witnessed a negative growth during the period.
Abdus Salam Murshedy, president of Exporters Association of Bangladesh (EAB), told Bangladesh Post that export earnings have been increasing gradually, which is a positive news for Bangladesh.
Highlighting the government’s initiatives to establish the apparel sector in the global market, he said it is high time extend similar or more support to other promising sectors like agriculture, ceramic and pharmaceutical sectors.
This will reduce overdependence on the RMG sector.
He noted that the country now is capable of making best quality products at low prices, which will help enhance export earnings even more from developed countries.
Murshedy was of the view that the government should act promptly to reduce trade barriers with different countries, which will help enhance export earnings by diversifying the market globally.
