The country’s export earnings stood at $19.30 billion in first six months of the ongoing fiscal year (FY2019-20). This earning decreased by 5.84 percent compared to the corresponding period of the previous fiscal of $20.50 billion, according to Export Promotion Bureau (EPB) data. The strategic target of the total export earnings set for this period of the current fiscal also decreased by 12.77 percent which was $22.12 billion. Market analysts said, “The exports earnings have showed negative growth as appreciation of taka, economic slowdown in Europe and trade tension between the US and China.
Besides, price negotiation is another big reason to slowdown export growth, they added. Former senior vice president of Bangladesh Garment Manufacturers and Exporters Association Faruque Hassan said, “Buyers are maintaining a conservative approach due to uncertainty over Brexit and trade war between the US and China. As part of its move, the production cost went up and the makers were unable to grab orders from the competitors, he said.
Official data show export earnings from readymade garments, which accounts for almost 84 percent of the total export earnings, went down by 6.21 percent to $16 billion during the July-December period of the current fiscal from $17 billion in the corresponding period of the previous fiscal.
On the other hand, export earnings from agricultural products stood at $523.9 million during the time, up by 1.21 percent over $517.64 million earned in the same period of the previous fiscal. Besides, the plastic sector also witnessed a positive growth amounting to $56.86 million during the time, which was 0.57 percent higher during the same period of previous fiscal.
Meanwhile, export earnings from jute and jute goods, engineering equipment, rubber and handicrafts, also saw a positive growth. The figures were $511.73 million, $35.63 million, $14.62 million and $11.15 million respectively However, the leather sector needs special care for a rebound as it is facing huge difficulties to compete in the global market. Export earnings from this sector stood at $475.83 million during July-December in FY2020, which was 10.61 percent lower than the same period of the previous fiscal. During the first ten months of FY19, the figure was $532.30 million. Besides, ceramic products, wool and woolen products and frozen and live fish also witnessed a negative growth during the period.