The country bagged $4.60 billion in August, which was $3.38 billion in the same month last year
Bangladesh bagged $4.60 billion through exports in August, registering a 36.18% year-on-year (Y-o-Y) growth, according to recent data published by the Export Promotion Bureau (EPB).
At the same period last year, the country fetched $3.38 billion in export earnings.
During August of FY23, the apparel sector, the highest export earner of the country, earned $3.74 billion, fetching a Y-o-Y growth of 36.04%, up from $2.75 billion of the same period in last FY.
Moreover, according to the EPB data, the country earned export earnings worth $8.59 billion in the first two months (July-August) of the current fiscal year 2022-23, registering a 25.31% Y-o-Y growth.
Bangladesh earned $6.85 billion during the same period of the last FY22, EPB data also showed.
In the first two months of FY23, the apparel sector registered a Y-o-Y growth of 26.1% to $7.11 billion, which was $5.64 billion during the same period of FY22.
Among apparel products, knitwear registered a growth of 20.15% to $3.91 billion from $2.25 billion in the same period of last year, while woven garments saw a growth of 34.23% to $3.19 billion from $2.38 billion, the EPB data reported.
Home textiles, the new player in the export basket which claimed the second position in the last FY, registered a growth of 53.39% to $268.52 million, which was $175.06 million in the mentioned period of the last FY.
Among other notable sectors, during the mentioned period, agricultural products, however, registered a negative growth of 14% to $178.22 million, from $207.23 million in the last fiscal year.
Leather and leather goods registered a growth of 27.77% to $223.23 million, which was $174.71 million in the same period of the last FY, EPB data showed.
Engineering products, another promising export sector of the country, marked a growth of 40% to $99.89 million from $71.35 million last year.
Jute and jute products, which logged negative growth in all months of last FY, finally lit a light of hope registering a growth of 22.67% to $156.61 million, which was $127.67 million in the same period of last FY.
Talking to, Shahidullah Azim, vice-president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said that this growth signalled some positivity amid global economic challenges.
But exports in August didn’t increase as much as the last 3-4 months due to cancelled and deferred orders. The next months are more alarming, as exports will decline in the next three months, he feared.
Mohiuddin Rubel, director of BGMEA, also echoed the same, saying that the global geopolitical tension and volatile economic impact caused by that has already started to affect Bangladesh’s exports.
With rising inflation, consumer demand in western market has been reducing and this has been reflected in the export scenario, he said, adding that the total RMG export in August was $3.7 billion, whereas it was almost $4.1 billion in June earlier this year.
He also said that starting from June, RMG export growth has started to decline and both in July and August 2022, it has been less than June’s export.
“The coming months look gloomy since some of the major brands are holding back their orders recently due to excess overstock. So, we are rather being more careful and vigilant than being complacent,” he added.
In the concluded FY22, Bangladesh bagged $52.08 billion through exports, registering a 34.38% year-on-year growth.
This marked the first time in history that export earnings crossed the milestone of $50 billion.
