In the first three months of the current fiscal, there was a lot of progress in the export trade, compared to that in the previous fiscal, with export earnings rising, and targets being exceeded.
As per the Export Promotion Bureau (EPB) statistics, from July to September this FY, export earning was Tk 86000 crore, 14.75 percent higher than that in the previous year. Last year the earning was Tk 75000 crore.
At the same time, in the three months, export earnings increased 6.85 percent over the target. During this tenure, export earning was set at around Tk 81000 crore, but it was Tk 86000 crore.
The export earnings update from the EPB showed, due to good growth in readymade garment exports, there was a positive impact on overall product exports. This thrust sector earned the highest amount of around Tk 71000 crore.
Last year, RMG export earnings was Tk 61000 crore, 14.66 percent lower than that this year.
Dr Moazzem Hossain of Griffith University of Australia pointed out; the RMG industry is now on a solid base and an important issue for Bangladesh. There are more potentials, how it will grab the shares of other countries, losing interest in garment manufacturing, in future, and thus raise export earnings for sure.
He depicted the scenario in his keynote at a seminar on RMG sector, organised by Palli Karma-Sahayak Foundation (PKSF) in the capital on Wednesday.
Leather and leather products, and jute and jute goods, respectively, were the second and third largest export earning sectors in these three months of this FY. Frozen shrimps export decreased while agricultural export increased to 97 percent. Agri export earnings were Tk 25 crore.
Export earnings from the neighboring country has risen to 142 percent, while from two other export destinations, the United States and Germany, it also increased. Export earnings rose 14.23 percent and 14.23 percent respectively from these countries.
Export earnings from China and Japan also rose even though earnings from these Asian countries reduced in the last quarter of the previous FY. Earnings increased 31.84 percent and 24.45 percent respectively from these Asian countries.