Export earnings rise 7.81% in February

Bangladesh's merchandise exports rose 7.81% to $4.63 billion YoY this February riding on major export earner apparel shipments, as per Export Promotion Bureau (EPB) data published on Thursday (2 March).

However, the country's export earnings in February went below the $5 billion mark after three months of staying above that.

The earnings in January were $5.13 billion. The figure was $5.37 billion in December and $5.09 billion in November (reaching over the $5 billion mark for the very first time).

As per sources, overall export in February was a little lower than the set target. Whereas, RMG exports were able to meet its strategic target for the month.   

The country's merchandise exports were $4.29 billion in February last fiscal year, according to EPB.

Apparel products continued their dominance as they led the growth with a 12.31% to $3.94 billion in exports in February this year. 

Industry people said RMG exports grew mainly because of the shipment of high-value apparel products, orders for which were shifted from China.

Besides, knitwear shipments saw 16.94% YoY growth to $2.09 billion and woven garments export earnings were $1.84 billion with a 7.45% growth. 

EPB data mentioned that the two sub-sector of the apparel industry brought in some $7.79 billion and $1.71 billion respectively in the same month of the last fiscal year. 

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Vice President Shahidullah Azim said In February that the apparel sector experienced a high growth in apparel shipment which was based on value as raw materials prices was high.  

He also mentioned it is not a quantity growth as the majority of exporters are running their units for up to 8 hours due to a shortage of work orders. 

Generally, Bangladeshi apparel factories are running their units for about 10 hours including two hours of overtime.