Product exports reach the milestone of $40 billion

03 Oct 2019 7:44 PM
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Leather and leather products, jute and jute products, home textile and frozen shrimp exports have decreased. However, due to good growth in ready-made garments, processed agricultural products, Terrey towel, the country's overall exports touched the record of 40 billion or 4 thousand crore US dollars in the recent past fiscal year of fiscal year of 2018-19. Although the export target was $ 39 billion.

Exports of $40.53 billion worth of goods was exported in departing 18-19 fiscal year. This income is 10.55 percent more than the exported $36.66 billion in the previous fiscal year. Apart from this, exports of 3.94 percent more than the target are achieved in the departing fiscal year.

The Export Promotion Bureau (EPB) released this updated information on income from export of goods on Monday. According to the data provided by them, $ 2.78 billion of goods were exported in June. However, this income is 5.27 percent less than June 2018.

84 percent of the total export earnings, came from clothing sector in the departing fiscal year. In all, $ 34.13 billion of ready-made garments were exported in the year. This income is 11.49 percent higher than the fiscal year of 2017-18. Garments exporting was 4.42 percent more than export target of the departing fiscal year.

Meanwhile, $ 17.24 billion of woven garments were exported from the garment industry. Growth is 11.79 percent. On the other hand, $16.88 billion of knit garments were exported. In this case, growth is 11.19 percent.

Upon asking, garment industry owners association, BGMEA's senior vice-president Faisal Samad said to the Prothom Alo, "Garments exports increased but the cost of production also increased due to different reasons. As a result, the value addition is not that much." He said, “The government has given 1 percent cash assistance in the current market for garment export. The exporters will be a little relieved by this. But nothing would have been needed if 5 taka was depreciated against the dollar.” 

Second highest export earnings of $1.02 billion came from the leather sector in the departing fiscal year. However, the export income of the sector has been down for a long time. In the last 2018-19 fiscal year, the export of leather and leather products were declined by 6 percent. The third highest export earnings of $908.9 million came from processed agricultural products. This income is 34.92 percent more than the fiscal year of 2017-18.

According to EPB, the export of home textile also decreased like leather. Although the export earning is $850 million, it is 3 percent less than the fiscal year of 2017-18. Export of jute and jute products also decreased. In the recent past fiscal year, $ 816.2 million of jute and jute products were exported. This income is 20.41 percent less than the previous fiscal year.

Upon asking about the measure to increase the export, Vice-President of Exporters Association of Bangladesh (EAB), Mohammad Hatem said to the Prothom Alo, "The government will have to solve the problems of the export sectors quickly by addressing them. Customs needs to be restructured. New investments and industrialization are needed to increase exports. But the condition of the banking sector of our country is poor. No industry can survive with loans of 13 to 14 percent interest. Therefore, the banking sector must be fixed first."