Merchandise export earnings dip 16.93pc

Earnings from merchandise exports in the immediate past fiscal year fell 16.93 percent year on year to $33.67billion because of Covid-19 that affected production and slowed demand for commodities.

Export receipts in fiscal 2019-20 are 25.99 percent below of the annual target at $45.5billion, according to data from Export Promotion Bureau (EPB).

The export earning in fiscal 2018-19 was recorded at $40.53billion.

In June alone, the last month of the fiscal year, earnings stood at $2.71billion, which is 31.15 percent below the monthly export target of $3.94billion.

The fall in export earning was mainly because of a fall in garment shipments. Apparel alone accounts for  84 percent of national exports in a year.

In fiscal 2019-20, garment exports fell by 18.12 percent year on year to $27.94billion. Of the earning from garments, $13.9billion came from knitwear shipments and $14.04billion from woven.

However, knitwear exports dropped by 17.65 percent and woven fell by 18.58 percent year on year in last fiscal year, the EPB data said.