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Exports grow 14.72pc to $3.98bn in July

  • Staff Correspondent
  • 16th August, 2022 09:31:54 PM
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Exports grow 14.72pc to $3.98bn in July

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The country’s export income grew 14.72 percent year-on-year to $3.98 billion in July, supported by a robust growth in apparel shipments.

Total merchandise exports stood at $3.47 billion in July last year.

Data released by Export Promotion Bureau (EPB) on Tuesday showed that export performance in July this year surpassed the monthly target of $3.9 billion by 1.65 percent.

This July, readymade garment exports surged by 16.61 percent year-on-year to $3.36 billion from $2.88 billion one year ago.

In 2021-22 fiscal year, Bangladesh earned $52.08 billion from export of goods where RMG’s contribution was $42.61 billion.

The government set a target of $46.8 billion for apparel export in 2022-23 fiscal year.

Knitwear export increased by 11.80 percent to $1.85 billion from $1.65 billion, while woven garment exports rose by 23.11 percent to $1.51 billion from $1.22 billion and home textile exports grew a modest 3.89 percent to $95.95 million from $92.36 million.

Jute and jute goods exports saw a modest 5.17 percent growth to $63.91 million from 60.77 million a year earlier but undershot the monthly target of $86.51 million by 26.12 percent.

Meanwhile, leather and leather goods exports rose by 9.82 percent to $99.41 million in July from $90.52 percent last year, according to EPB data. 

Apparel export to the US, the largest export destination for Bangladesh, increased by 14.38 percent to $685.77 million from $599.53 million in July last year.

During the period, RMG export to the EU market grew by 13.36 percent to $1.65 billion from $1.46 billion in the same period of last fiscal year.

RMG export to Germany, the second largest export destination for Bangladesh, reached $517 million with 2.21 percent year-over-year growth.

Apparel export to the major countries such as Spain, France, Netherland, Italy and Poland grew by 30.27 percent, 13.88 percent, 27.98 percent, 4.14 percent and 2.92 percent respectively.

In July FY 2023, export to UK and Canada reached $366.42 million and $112.30 million, with 32.31 percent and 7.33 percent growth respectively.

At the same time, apparel export to the non-traditional markets reached $545.32 million with 22.72 percent year-over-year growth.

Among the major non-traditional markets, export to Japan, India, Australia, and South Korea increased by 4.26 percent, 71.74 percent, 18.53 percent and 22.27 percent respectively.