Exports rebound

The country’s exports have witnessed a rebound amid all odds like the coronavirus crisis and other challenges, analysts said Wednesday. 

They cited the much-coveted economic recovery as well as the improving conditions in Bangladesh as well. 

According to Commerce Ministry information, in the first month of the new financial year, export earnings increased by US$23.06 million. 

Policy Research Institute of Bangladesh executive director, Ahsan H Mansur told the media , "Increase in export earnings indicate that it can give a boost to the country's economy despite the pandemic. As part of saving lives and livelihoods together amid Covid-19, almost every country is trying to run their activities. We also have to move forward on that path in tandem with everyone. Then we can recover from the loss to our economy."

According to a report by the Export Promotion Bureau (EPB) based on data collected from the National Board of Revenue (NBR), the country exported products worth US$ 3.91 billion in July this year, which was US$ 3.88 billion in the same period last year showing that the proportion of exports increased by 0.59 percent despite the prevailing situation of Covid- 19. 

The EPB update on its export earnings showed that in the first month of the fiscal year 2020-21, the country earned Tk 391 crore (3.91 billion) from exports of various products.

This figure is 0.6 percent more than in July last year. And 13.4 percent more than the target. The target for export earnings in July was US$ 3.44 billion. 

Through this, after seven months, the country's export earnings have turned around. Last December, the export income increased 2.79 percent. Since then, growth has been steadily declining. As most of the demand for goods was slashed, and the global supply chain disrupted due to the outbreak of coronavirus, export earnings declined by almost 17 percent in the last fiscal year.  

In April, May and June, the country witnessed a nosedive in export earnings by 82.85 percent, 61.57 percent, and 2.5 percent respectively. 

The worst situation of export made a good comeback based on agricultural products, pharmaceuticals, jute and jute goods and the home textile sectors, but the main earning sector of the country ready made garments dropped by 1.98 percent. 

As per the EPB data, jute and jute goods export earning was US$103.51 million in July this year which was $74.88 million last year. Home textile products export stood at US$94.01 million this year, and earnings from agricultural products rose to US$101 million, while pharmaceutical products earned $17 million this July. 

On the other hand, earning from the RMG sector was US$ 3.24 billion this July which was US$ 3.31 billion in the same period of last year. Export earnings from frozen and live fish was US$42.52 million, as per the EPB data.