July exports mark over 14% growth, reach $3.98 billion

Bangladesh's export earnings saw around 15% growth to $3.98 billion in the first month of the new fiscal year.

Of the export earnings, RMG shipments earned over $3.36 billion with a 16.61% growth year on year, according to data released by the Export Promotion Bureau (EPB) on Tuesday.

The export receipts surpassed the $3.92 billion target set for the month. Export has been 14.72% higher than the $3.47 billion of July last year.

Of the receipts, more than $1,854 million came from knitwear shipments, while woven items fetched around $1,512, according to the EPB.

Speaking with The Business Standard Snowtex Group  Managing Director SM Khaled said, "July saw low numbers because of the Eid holidays. Orders are expected to remain stable and will not reduce much during the rest of the year. 

"Some buyers have delayed their orders. But we are looking for alternatives. We hope to achieve double-digit growth in the coming days."

Leather and leather products – a major export sector – saw 9.82% year-on-year growth to $99.41 million last month.

Besides, export earnings from jute and jute goods rose by 5.17% to $63.91 million.

But the sector failed to achieve the projection for the month of July bringing in $63.91 million against the projected $86.51 million.

Also, agricultural goods lost out, posting 34.89% negative growth in the previous month. The sector earned $63.91 million. The government projection was $94.22 million.

As per official data, the fish, pharmaceuticals and plastic sectors also performed well in July.