Exports on way to hitting targets
Export earnings increased 12.88 percent year-on-year to $22.24 billion in the first nine months of the fiscal year, on the back of the continued high demand for the country's garment products in the global market.
In spite of odds such as Tazreen fire and Rana Plaza collapse, garment exports between the months of July and March rose 15.15 percent year-on-year to $18.05 billion, according to data from Export Promotion Bureau.
“Buyers are regaining confidence in Bangladesh as the government, garment entrepreneurs, international community and retailers have undertaken a lot of positive reforms in the sector after the Rana Plaza building collapse last April,” said Atiqul Islam, president of Bangladesh Garment Manufacturers and Exporters Association.
“We have progressed a lot in safety and compliance. We are hopeful that the safety situation will improve further as three national and international agencies have been continuing factory inspection to identify flaws in structures.”
The three inspection agencies -- Bangladesh University of Engineering and Technology, Accord and Alliance -- found flaws in only 13 of the 700 inspected factories so far.
“So this number is less than one percent, which indicates that our garment sector is safe,” he said.
Other than garments, frozen food, leather and leather goods, pharma-ceuticals products, handicrafts and furniture also contributed notably to the July-March period's takings, which was 0.79 percent above target.
The export momentum though seems to have slowed down somewhat last month: March's earnings of $2.41 billion missed the monthly target by 9.25 percent. The figure, however, was 4.79 percent higher than previous year's.
EPB Vice-chairman Shubhashish Bose, however, played down March's relatively below par performance.
“We might miss the target of any particular month for different reasons, but the export earning is still above the periodic target.”
He said the target for fiscal 2013-14 is to maintain a monthly average of 12.5 percent during the course of the year. In the first nine months, the average stood at 13 percent.
“We are confident that we will achieve the annual target at the end of the fiscal year – the export trend is very much in the positive territory.”
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