LONDON: Merchandise exports grew 8.95 per cent during the first nine months of the current fiscal year, although income fall sustained in March, the government said. Total export earnings during July-March of the fiscal year of 2015-16 stood at $24.95 billion, up from $22.90 billion during the same period of last fiscal.
The overall export earnings surpassed the target set for the period by 2.12 per cent, according to the data. But proceeds from overseas sales fell to $2.83 billion in March last from $2.85 billion in February and $3.18 billion in January 2016, data released by the state-run Export Promotion Bureau (EPB) showed.
Knitwear items fetched $1.03 billion in March, $1.04 billion in February and $1.16 billion in January in 2016. Earnings from woven items stood at $1.28 billion in March, $1.32 billion in February and $1.45 billion in January in the current calendar year of 2016. The country fetched $ 9.67 billion from Knitwear during the first nine months of current fiscal showing a 6.68 per cent growth.
The earnings fell short of target slightly by 0.03 per cent. The income from woven items reached $10.76 billion during the same period of current fiscal recording a 12.64 per cent growth, which also surpassed the target by 4.63 per cent. Asked, Mahmud Hasan Khan, vice president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), attributed the seasonal impact to the downtrend in garment exports since January last.
Moreover, the growth in knit exports also failed to grow at the desired level, he said, adding they need to find out the reasons behind the lackluster performance. Md Shahidullah Azim, a former BGMEA leader, said manufacturers are investing huge amount of money in improving workplace safety and the ongoing safety measures also help attract more buyers. Experts, however, stressed product diversification and suggested the government scrutinise why the non-RMG export also did not fare well.
Among major exportable products, jute and jute goods fetched $641.58 million during the July-March period of this fiscal year, a 1.72 per cent decline from that of the corresponding period of the last fiscal. Earnings from jute and jute goods fell short of the target by 7.13 per cent, according to the EPB data.
Besides, earnings from frozen food and live fish exports dropped by 12.99 per cent to $402.47 million in the first nine months of FY’16 compared to the same period of the last fiscal. Export earnings from agricultural products during the last nine months declined by 12.72 per cent to $397.21 million compared to the same period of the last fiscal.
