Export earnings fall in August

Export earnings saw a sharp 11.49 percent fall to $2.84 billion in August, the second month of the current fiscal year, due to a negative growth of the apparel sector.

According to the Export Promotion Bureau (EPB) data, revealed on Sunday, the amount was $3.21 billion in the same period of the previous year.

Exporters and experts said the fall was due to the Eid vacation when the number of shipments declined for at least seven days.

"There are three major reasons for the slowdown of apparel shipment – the vacation of Eid-ul-Adha, exchange rate and global economic slowdown tendency. The depreciation of taka against dollar hit their competitiveness in the global export market," said Dr Khondaker Golam Moazzem, additional research director of the Centre for Policy Dialogue (CPD).

According to EPB data, the apparel sector witnessed an 11.46 percent decline to $2.41 billion in August, which was $2.72 billion in the same period a year ago.

As per the data, knitwear products earned $1.24 billion, down by 10.32 percent, while woven goods fetched $1.16 billion, down by 12.64 percent.

"We showed a positive trend in July, and we had some advance shipments in that month, but in August, we had Eid vacation and export earnings declined," said Dr Rubana Huq, president of Bangladesh Garment Manufacturers and Exporters Association.