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Bangladesh’s garment exports up 3.05 per cent y-o-y

Bangladesh’s export earnings for the first seven months of fiscal 2016-17 went up 4.36 per cent compared to a year earlier. And receipts from garment exports, which typically account for 80 per cent of export receipts, were up 3.05 per cent year-on-year and 4.65 per cent month-on-month.

The country’s garment exports to the US, the country’s single largest export destination, declined 1.49 per cent during the January-November period of 2016. Garment exports to the UK, the third largest destination, declined 5.19 per cent in the first six months of the fiscal year. The jute and jute goods sector was one of the top performers during the July-January period, with shipments rising 14.05 per cent year-on-year. Shipments of leather and leather goods grew well during the seven-month period, up 12.18 per cent year-on-year. Furniture exports soared 23.37 per cent and pharmaceuticals 8.51 per cent.

Home textile exports increased 1.42 per cent and plastic products 45.74 per cent on the back of a ten per cent cash incentive on shipments. Among the poor performers, frozen and live fishes exports declined 0.80 per cent. Exports of petroleum byproducts declined 28.24 per cent.

Bangladesh has set an apparel export target of 50 billion dollars by 2021. But to achieve this more than 12.25 per cent export growth is needed every year.