Bangladesh’s exports are homing in on the target of $33.5 billion for this fiscal after May's receipts took the tally to a touching distance. According to data from the Export Promotion Bureau, Bangladesh received $3.03 billion from exports in May, up 6.69 per cent year-on-year. May's exports take earnings in the first 11 months of fiscal 2015-16 to $30.67 billion. The government has set a doable target of $2.83 billion for June. Full-year receipts of $33.5 billion would be a record for Bangladesh.
Garment, which typically accounts for 80 per cent of the country's export earnings, led the charge, bringing home $2.45 billion last month, up 9.35 per cent year-on-year. The future trend for garment exports from Bangladesh is good, believes Siddiqur Rahman, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
According to BGMEA, Bangladesh's garment exports are looking up for two reasons: the country is receiving the work orders that are being shifted in bulk from China and are producing value-added items. The international retailers have been placing work orders in Bangladesh due to the higher costs of production in China, the largest garment exporter in the world.