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Export earnings keep rising

Published : 03 Mar 2023 09:58 PM | Updated : 04 Mar 2023 02:28 PM

Despite global unrest, export income of Bangladesh has seen a significant increase in recent years, largely due to the success of its ready-made garment (RMG) industry. 

The export income in February of this year increased by 7.81 percent compared to that in February of the previous year.

Compared to February 2022, the export income in February of this year has increased by USD 33,56,50,000, according to the Export Promotion Bureau's (EPB) latest statistics.

The Export Promotion Bureau (EPB) has released the latest export statistics for July-February in FY 2022-23. During this period, our overall apparel exports increased by 14.06 percent to USD 31.36 billion from USD 27.50 billion in FY 2022–23.

The knitwear items export reached USD 17.06 billion, while woven items reached USD 14.30 billion, both registering 13.21 percent and 15.08 percent growth respectively. So the growth in  the woven sector is comparatively higher than that in knitwear.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Md. MohiuddinRubel said, "If we consider the single month, in February 2023 our export earnings were USD 3.94 billion with 12.31 percent growth compared to the same month in 2022. Though we were maintaining over 4 billion dollars in export earnings for the last few months, we were saying at the same time that orders are decreasing and thus we can see that the total export came under 4 billion after the last 3 months."

"If we compare the growth between the same month of 22 and 23, it is more than the same of last month, but if we just see the growth of the last month of this same year to this month of the same year then it has decreased. Because the global economic outlook indicates a slowdown in 2023 and globally the inflation hits the record and now we can see the result as this whole year we are expecting to struggle too," he added.

At the same time he has also mentioned that even the new orders have also fallen in most of the country’s factories though there is likely to be some news for the RMG industries.

In the last eight months from July to February, the total export income was USD 37077.68 million that was USD 33843.45 million in the financial year 2021-22. That is, compared to the same period of the previous year, the export income increased by USD 3234.23 million. This has increased by 9.56 percent from the previous year as a percentage.

However, the export income has decreased by USD 166.32 million compared to the government's target.

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