Bangladesh has posted growth in export earnings for the third consecutive month, in December, a feat credited to political stability and the rise in value of US Dollar against Taka. In the first half of the current 2017-18 fiscal year, the country earned $17.91 billion with a year-on-year rise of 7.15 per cent and crossing the target by .05 percentage points.
In December, export earnings grew over $3.35 billion with an 8.42 per cent year-on-year rise, but missed the target of $3.41 billion by 1.84 per cent. Mohammed Farashuddin, former governor of the Bangladesh Bank, stated year 2017 was good for Bangladesh in all aspects. He gave credit for the rise in export earnings to the devaluation of taka against the dollar.
The rise in exports in July and August helped Bangladesh post a 7.23 per cent growth in the first quarter of 2017-18 fiscal year, but missed the target by around 3 per cent, dragged down by a 10 per cent year-on-year slump in September. In the first half of the current financial year, readymade garment manufacturing contributed to around 82.5 per cent of total exports, with a 7.75 per cent year-on-year growth.
Bangladesh Garment Manufacturers and Exporters Association’s says exports dropped in September because factories were closed for eight to 10 days during the Eid-ul-Azha. Exports in the last financial year amounted to $34.59 billion, which was 3.39 per cent more than the previous year, but against a target of $37 billion.