Bangladesh is slowly managing to over the crisis in export earnings that has been looming over since the beginning of the coronavirus outbreak.
Recently, the earnings have started to go up with exports slowly being made and markets being opened up after the crisis. Even though many foreign countries are still suffering new orders coming into the country and as a result shipments are being made.
According to a report in this daily, export earnings have started turning around as the overall export earnings increased by 85.61 percent or $1.25 billion to stand at $2.71 billion in June.
Prior to this the number was at $1.25 billion in May and before that it stood only at $0.52 billion in April. We can see the gradual increase in export earnings that can be said truly to be an act worthy of commendation. It is a tremendous act to be able to keep export earnings on the rise in this critical situation.
It is important to increase product output and decrease
price of raw materials so that more foreign orders can be
negotiated and in turn increase export income
It is worrying that there are a few sectors which are still suffering from negative growth. One such sector is the RMG sector. Even in the first four months of the financial year, the contribution of readymade garments to the export income was a total of 85 percent.
With special emphasis on readymade garments, experts have opined that if the export income in this sector decreases, it will have an impact on the entire export sector.
So it can be assumed that the export earnings increase that we are seeing now is primarily due to the earning from RMG. It is important to increase product output and decrease price of raw materials so that more foreign orders can be negotiated and in turn increase export income.
Above all, the government should formulate a well-thought-out plan in consultation with the stakeholders, including the BGMEA, and extend a helping hand in all other areas besides cash assistance, so as to increase the country's overall export earnings.