Exports climb on apparel boost
Exports grew 7.11 percent year-on-year to $2.95 billion in April riding on the higher shipment of garment items.
Although the receipt is 0.51 percent higher than the monthly target of $2.94 billion, it was the lowest in six months.
Overall, exports rose 6.41 percent year-on-year to $30.40 billion in the July-April period. The earnings narrowly missed the periodic target of $30.49 billion, according to data from the Export Promotion Bureau.
Garments exports grew 9.37 percent year-on-year to $25.30 billion in the first 10 months of the fiscal year.
Knitwear exports rose 11.43 percent to $12.54 billion and woven garments exports were up 7.42 percent to $12.76 billion.
The shipment of garments, which account for more than 80 percent of the national export, grew because of the increased sales of high-value items and the depreciation of the local currency against the US dollar, according to exporters.
“We will be able to achieve more than 10 percent garment export growth at the end of the fiscal year as the trend in the international market shows very bright prospects,” said Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association.
“At the end of the current fiscal year, we will be able to surpass the garment export of $30 billion for the first time," he said.
He said the country's garment factories are full of orders from international retailers and brands, thanks to the massive progress in workplace safety carried out by the Accord, the Alliance and the government.
The exporters also benefitted from the depreciated exchange value of the taka.
On Wednesday, the interbank exchange rate was Tk 83.10 per US dollar, up from Tk 80.50 a year earlier, according to central bank data.
Frozen and live fish exports grew 2.32 percent to $434.97 million on the back of the higher demand in Europe.
Shipment of agricultural products such as fruits and spices was up 16.77 percent to $543.18 million.
Cement, salt and stone fetched $11.08 million, up 33.01 percent, and pharmaceuticals brought home $85.96 million, an increase of 14.84 percent.
Cotton, cotton products, and yarn exports went up by 19.01 percent to $108.22 million in the July-April period.
Jute and jute goods also fared well as the demand for the goods made in Bangladesh from the natural fibre is rising.
In July-April, jute and jute goods fetched $889.74 million, up 7.66 percent.
Home textile export rose 13.07 percent to $751.67 million, footwear 5.29 percent to $205.30 million and furniture 21.86 percent to 51.68 million.
On the other hand, exports of plastic goods fell 19.92 percent to $81.19 million in July-April.
Leather and leather goods sector, the second largest export earner after garments, fetched $916.74 million in the 10-month period, down 10.02 percent.
The shipment of leather and leather goods was hit largely by the relocation of tanneries from Hazaribagh to Savar as production was hampered.
All the 155 tanneries have been relocated, but only 25 of them have so far been able to start production in their new location, industry people said.