Bangladesh export earnings have seen a 9.22% rise to $27.63 billion in first ten months of the current fiscal year, riding on the ready-made garment sector.
RMG sector, the life line of the country’s export and highest foreign currency earner, however, posted over 10% growth to $22.64, which was $20.56 a year ago.
According to the data of Export Promotion Bureau (EPB) released yesterday, in July-April period of FY’15-16, the overall export earning posted a 9.22% growth to $27.63, which was $25.30 billion in the same period a year ago.
The figure is 1.95% higher against the target of $27.10 billion. In the last fiscal year, Bangladesh earned $31.20 billion.
The data showed that the woven sector earned $11.90 billion with 12.71% growth and the knitwear received $10.73 billion with a 7.29% rise.
In the same period last year, the woven sector earned $10.55 billion and knitwear fetched $10 billion.
“A 10% export growth is expected and satisfactory. If the present trend continues, we will be able to exceed the target set for the year,” Abdus Salam Murshedy, managing director of Envoy Textile told the Dhaka Tribune.
“To remain competitive in the global market and continue the growth, we need government policy support for low-cost financing.”
Exporters Association of Bangladesh (EAB) president, Salam, also urged the government to keep special allocation for the export-oriented industry to train workers to enhance productivity.
In April, the export earnings of Bangladesh registered an 11.82% rise to $2.68 billion, which was $2.4 billion in the same period a year ago.
Among the major sectors, pharmaceutical export earnings saw a 15.33% rise to $68.24 million while leather and leather products posted a meager growth by 0.70% to $920.33 million.
Raw jute export earned $123 million with a sharp rise of 38% but jute and jute goods including jute yarn and twine, jute sacks and bags rose only by 0.8% to $730 million.
Engineering products earnings showed a 17% growth followed by furniture 19.35%.
On the other hand, the negative performers are frozen fish, shrimp, vegetables, agricultural products and bicycle.