Export earnings up by 8.55 pc in July

The country fetched $3.89 billion from exports in July this year, up by 8.55 percent over that in the same month last year. The inflow, however, was $3.58 billion in July 2018. The export earnings beat the strategic target of $3.83 billion or by 1.59 percent set for July 2019. Experts have attributed the 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.

In July 2019, export earnings from readymade garments increased by 9.7 percent to $3.31 billion, which accounts for more than 85 percent of the total export earnings. On the other hand, export earnings from agricultural products stood at $908.96 million during the time, up by 34.92 percent against $673.69 million earned in the previous fiscal.

Meanwhile, export earnings from leather and leather products, jute and jute goods, chemical, plastic products and furniture also saw a positive growth. Export earnings from the respective sectors were $106.10 million, $ 74.88 million, $15.99 million, $12.95 million and $5.10 million respectively. However, export earnings from agricultural products stood at $ 77.19 million in June in current year, which was 25.43 percent lower than that in the same time of previous fiscal. During the FY18, the figure was $ 103.51 million.

Besides, Cotton and Cotton Product also witnessed a negative growth of $ 10.84 million during the time, which was 3.13 percent lower from $ 11.19 million in the same period of previous fiscal. Petroleum bi Products saw a negative growth during the period. The figures were $1.91 million on the time. Highlighting the government’s initiatives to establish the apparel sector in the global market, experts said it is high time to extend similar or more support to other promising sectors like agriculture, ceramic and pharmaceutical sectors.

This will reduce overdependence on the RMG sector, they added. The country now is capable of making best quality products at low prices, which will help enhance export earnings even more from developed countries, they said.