The country's export earnings has fetched a record height of $55.55 billion during the outgoing fiscal year (FY23) despite the unstable global economic situation due to Ukraine-Russia conflict.
According to the latest statistics of the Export Promotion Bureau (EPB), the country's export earnings witnessed 6.67 percent growth in the last fiscal year (FY23) compared to $52.08 billion in the same duration of the fiscal year (FY22).
Apparel exports in July-June of FY23 grew by 10.27 percent to $46.99 billion from $42.61 billion in the same period of FY22, according to data released by the Export Promotion Bureau (EPB) on Monday.
Out of the overall exportable items, the export earnings from knitwear were $25.73 billion which is 10.87 percent higher than the previous fiscal. The export earnings from woven garments totaled $21.25 billion with a growth of 9.56 percent.
The performances of other major exportable items during the fiscal were plastic products $20.98 crore, leather and leather products $122.36 crore, fish $42.22 crore, agriculture product $84.30 crore, jute and jute goods $91.22 crore and chemical products $30.30 crore.
UNB adds: Bangladesh exported goods and services worth a record $55.56 billion in the just-concluded 2022-23 fiscal, an increase of 6.67 percent year-on-year even amid the global economic slowdown, the Export Promotion Bureau (EPB) revealed on Monday.
Exports increased by $3.47 billion or 6.67 percent in FY23 compared to FY22, when the export earnings were $52.28 billion.
The FY23 figure is the highest in the history of the country. However, the target for the fiscal year was $58 billion. Exports fell short of that target by 4.21 percent or $2.44 billion.
The EPB data showed that in June, goods worth $5.03 billion were exported. Compared to June last year, this export was 2.51 percent higher.
The country's economy has been under pressure due to the dollar crisis. And the main two sources of foreign exchange income are expatriate income remittances and the export of goods. Foreign exchange inflows from both sources fell slightly late last fiscal year due to the Russia-Ukraine war. But later it turned around again.
In FY23, remittances received were $21.61 billion, which saw an increase of 3 percent compared to the previous FY22.
EPB data showed that exports of readymade garments, plastic products, and non-leather footwear have increased in the outgoing fiscal year.
On the other hand, exports of leather and leather products, jute and jute products, frozen food, agro-processed products, home textiles, and engineering products have declined.
According to EPB data, readymade garments exports were worth $46.99 billion in the just-ended fiscal year. This export is 10.27 percent more than last fiscal year FY22.
The second highest exports of leather and leather products after ready-made garments were $1.22 billion. In this case, the export decreased by 2 percent.