Bangladesh’s net export earnings from the shipment of readymade garments (RMG) contributed to over 70 percent of the gross export receipts for the third consecutive quarter ending in September 2023.
Pressure on the external sector of Bangladesh's economy is expected to persist in the current financial year, said a top official of the World Bank yesterday
Exporters in Bangladesh are unable to take the full benefit of the devaluation of the taka against the US dollar amid ongoing inflationary pressure and rising production costs, according to industry people.
The strain on dollar stockpile intensified last month after remittance inflows crashed to a 41-month low and export receipts missed target.
Apart from garment items, some non-traditional products played a vital role in gaining export earnings for Bangladesh even amid the global economic slowdown in the previous fiscal year.
Export earnings dropped for the first time in five months in March because of a slowdown in the global economy following the severe impacts of the Russia-Ukraine war and Covid-19, official figures showed yesterday.
Exports fetched $4.63 billion in February, up 7.81 per cent year-on-year, according to the Export Promotion Bureau.
Both global and local macro-challenges can have serious implications for the people of Bangladesh