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Economy

Export earnings from US saw 17.94pc growth in July

06 September 2017,Wednesday, 23:07



Export earnings from the USA, the largest export destination for Bangladesh products, witnessed a healthy 17.94 percent growth in July last compared to the corresponding month of the previous year, mainly due to the good performance of the RMG sector, reports UNB.

Bangladesh exports to the USA totalled $ 497.36 million in July of the current fiscal year (2017-18) compared to $ 421.72 million of the same month of the previous fiscal year (2016-17). The amount represents 16.65 percent of the country’s total export earnings during the period.

According to the statistics compiled recently by the Export Promotion Bureau (EPB), the major exports to the US market in the month were woven garment ($ 323.53 million), knitwear ($ 123.95 million), home textiles ($ 10.40 million) and cap ($ 17.58 million).

During the period, around 26.61 percent of the country’s total woven garment exports entered the US market, followed by knitwear 9.81 percent and home textile 15.15 percent.

Despite political unrest, Bangladesh’s export earnings from the US in fiscal 2014-15 were impressive with $ 5.783 billion up from $ 5.583 billion in fiscal 2013-14.

Export earnings from the USA, however, witnessed a 6.01 percent fall during the last fiscal (2016-17) compared to the previous fiscal year (2015-16) mostly due to the moderate performance of the RMG sector.

Bangladesh exports to the USA stood at $ 5,846.64 million in the last fiscal year (2016-17) compared to $ 6,220.65 million during the corresponding period of the previous fiscal (2015-16).

The export earnings in fiscal 2012-13 year were also impressive with $ 5,419.60 million. The export in 2011-12 was also laudable totalling $ 5,100.91 million, slightly down from $ 5,107.52 million in fiscal 2010-11.

The export earnings in fiscal year 2009-10, however, totalled $ 3,950.47 million, down from $ 4,052.00 million in 2008-09, mostly because of the global economic recession.

The 2009-10 financial year marked the end of an ups-and-down period for Bangladesh exports to the US.

From the robust $ 2.5 billion during the 2000-01 fiscal year, exports had fallen below $ 2 billion by 2003-04. Exports to the US rose steadily to cross the $ 3 billion mark in 2005-06, and peaked at nearly $ 3.6 billion during the 2007-08 fiscal year.

The overall export earnings of Bangladesh in the last fiscal year (2016-17) totalled $ 34,835.09 million against the strategic target of $37,000 million which is also 5.85 percent short of the strategic target.

 

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