Export earnings expected to reach $50B this fiscal year
Bangladesh’s export earnings have almost reached its export target amounting to 43.5 billion set for FY22 in 10 months
Exporters and Export Promotion Bureau officials have expressed hope that Bangladesh's goods exports will reach a milestone of $50 billion after the end of the current fiscal year 2021-22, which will be $7 billion more than the target.
AHM Ahsan, vice-chairman of EPB, told TBS, "If we take $8 billion worth of services exports into account, our exports will reach $58 billion after the end of the current fiscal year."
The exports will continue to grow this way until next October, he noted.
Bangladesh's export earnings have almost reached its export target amounting to 43.5 billion set for FY22 in 10 months, thanks to growing global demand for apparels and shifting of a good number of work orders from China.
In April, the exports clocked the $4 billion mark for the eight consecutive month with a little over 51% year-on-year growth.
In July-April, the country raked in $43.34 billion in exports with the readymade garment sector having been the major contributor as usual - it alone accounts for more than 81%, according to sources at the Export Promotion Bureau (EPB).
Shahidullah Azim, vice president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) told The Business Standard, "The ongoing robust growth of RMG exports will continue in upcoming months too."
The RMG exports will surpass $43 billion while the target was $35 billion for FY22, he noted.
Shahidullah Azim said RMG exports have potential to grow at a higher rate if customs-related complications are eased and business costs are reduced.
The RMG sector apart, frozen and live fish, agricultural goods, leather goods, home textiles, pharmaceuticals and plastics also posted a robust growth.
Three potential sectors, leather and leather goods, agricultural products and home textiles crossed the $1 billion mark, but jute and jute goods registered a negative growth.
Industry leaders say China's gradual pulling out of the apparel business owing to high production costs has come as a blessing for Bangladesh as it is now getting many orders shifting from the world's largest exporter.
Besides, consumers still continue to release their pent-up demand for clothing in particular after the pandemic situation normalised, leading to word order pouring in a big number.
