Exports Witness Swift Growth in Two Months

Bangladesh’s export earnings witnessed rapid growth for two months in a row to stand at $8.59 billion in July-August of the current fiscal year 2023–24, up 9.12 percent over the corresponding period of the previous fiscal year.

In August, exports soared by 3.8 percent year-on-year to $4.60 billion, the second month of the new fiscal year.

Earlier, the country’s exports rose by 15.26 percent year-on-year in July, driven by an acceleration in the shipment of readymade garments, according to the Export Promotion Bureau (EPB).

Such earnings have increased due to an acceleration in the shipment of apparel items, which will help the country minimize its ongoing foreign exchange crisis.

The total readymade garment exports in July–August of FY24 were about $8 billion, compared to $7.11 billion in the corresponding period of the previous fiscal year.

Garments, the biggest export-earning sector, which registered 26 percent growth during the July-August period of the previous fiscal year, rose by 12.46 percent this fiscal year.

The other sectors—primary commodities, frozen and live fish, agricultural products, manufactured commodities, plastic products, leather products, and non-leather footwear—also experienced positive growth year-on-year.

Two other major sectors—leather and leather products, as well as jute and jute goods—suffered a decline in export earnings.

The export earnings from the leather sector stood at $194.82 million, down by 12.73 percent over the corresponding period of the previous fiscal year.

On the other hand, the earnings from jute and jute goods also declined by 10.31 percent to stand at $140.46 million from $156.61 million in the corresponding period of the previous fiscal year.

However, major sectors, except ready-made garments (RMG), made losses in this period.

During August FY24, the apparel sector, the country's highest export earner, earned $3.93 billion, up from $3.74 billion in the same period of the previous fiscal year.