Export earnings record lowest growth in 15yrs

With just 1.69 per cent growth, export earnings in the recently concluded FY 2016–17 have registered the lowest growth in the past 15 years. This figure is 5.85 per cent lower than the target set at the beginning of the outgoing fiscal year.

Export earnings in FY17 stood at USD 34.83 billion, showing a shortfall of over USD 2 billion against the government-set target of USD 37 billion, according to provisional data released by the Export Promotion Bureau (EPB).

Since RMG exports began, Bangladesh has only once registered negative growth. In FY 2001–02, the country experienced a negative growth of 5.68 per cent and an export volume of USD. 4.58 billion.

At a press briefing yesterday, EPB officials said that since the earnings from readymade garment products witnessed a sluggish growth in major destinations, including the European Union and the United States, the export growth has dwindled considerably.

According to EPB data, Bangladesh’s export earnings from the RMG sector stood at USD 28.14 billion, posting a 0.20% growth in the past fiscal year. The figure is 7.34 per cent less than the target of USD 30.38 million.

Speaking at the press briefing, EPB vice chairman Bijoy Bhattacharjee said the export earnings registered a low growth in FY17 due to a fall in prices in the global market and the appreciation of the taka against the dollar and the pound.

He said Bangladesh would have to focus on ensuring product quality and diversifying markets and products. The bureau would work on these issues, he added.

The EPB chairman told reporters that the single-month export earnings in June 2017 stood at USD 3.04 billion, with a 15.27-per cent negative growth against USD 3.59 billion in the corresponding month of FY16.

Experts and exporters, meanwhile, said there were both external and internal factors behind the unfavourable growth in export earnings in FY17. They also said that a shrinking global demand for apparel products and the devaluation of the currencies of the major importing countries were behind the meagre growth.

Talking with The Independent, Abdus Salam Murshedy, president of the Exporters’ Association of Bangladesh, said the export growth in FY17 was a reflection of the prevailing reality. The shrinking world market, the fall in global prices, and the appreciation of the taka against the dollar resulted in the poor exports growth for Bangladesh, he said.

If the government could provide policy support and ensure gas and electricity supply on a priority basis, export earnings would rebound in the new fiscal year, he added.

 

Export earnings record lowest growth in 15yrs

With just 1.69 per cent growth, export earnings in the recently concluded FY 201617 have registered the lowest growth in the past 15 years. This figure is 5.85 per cent lower than the target set at the beginning of the outgoing fiscal year. Export earnings in FY17 stood at USD 34.83 billion, showing a shortfall of over USD 2 billion against the government-set target of USD 37 billion, according to provisional data released by the Export Promotion Bureau (EPB). Since RMG exports began, Bangladesh has only once registered negative growth. In FY 200102, the country experienced a negative growth of 5.68 per cent and an export volume of USD. 4.58 billion. At a press briefing yesterday, EPB officials said that since the earnings from readymade garment products witnessed a sluggish growth in major destinations, including the European Union and the United States, the export growth has dwindled considerably. According to EPB data, Bangladeshs export earnings from the RMG sector stood at USD 28.14 billion, posting a 0.20% growth in the past fiscal year. The figure is 7.34 per cent less than the target of USD 30.38 million. Speaking at the press briefing, EPB vice chairman Bijoy Bhattacharjee said the export earnings registered a low growth in FY17 due to a fall in prices in the global market and the appreciation of the taka against the dollar and the pound. He said Bangladesh would have to focus on ensuring product quality and diversifying markets and products. The bureau would work on these issues, he added. The EPB chairman told reporters that the single-month export earnings in June 2017 stood at USD 3.04 billion, with a 15.27-per cent negative growth against USD 3.59 billion in the corresponding month of FY16. Experts and exporters, meanwhile, said there were both external and internal factors behind the unfavourable growth in export earnings in FY17. They also said that a shrinking global demand for apparel products and the devaluation of the currencies of the major importing countries were behind the meagre growth. Talking with The Independent, Abdus Salam Murshedy, president of the Exporters Association of Bangladesh, said the export growth in FY17 was a reflection of the prevailing reality. The shrinking world market, the fall in global prices, and the appreciation of the taka against the dollar resulted in the poor exports growth for Bangladesh, he said. If the government could provide policy support and ensure gas and electricity supply on a priority basis, export earnings would rebound in the new fiscal year, he added.