Despite the global economic crisis created by the Russia-Ukraine war, Bangladesh has maintained a robust growth in exports during the first half of FY23, backed by a steady performance by the apparel sector.
Bangladesh exported goods worth $27.31 billion during July-December of FY 2022-23, an increase of 10.58 percent over the first half of FY22, according to Export Promotion Bureau (EPB) data.
Data from the EPB shows that ready-made garment exports reached $23 billion in the first half of the current fiscal year, an increase of 15.56 percent from the same period last fiscal.
During the period, woven garment exports grew 18 percent, while knit garment exports grew 13 percent.
Besides, leather and leather goods bagged $630 million from exports, home textiles $600 million, agro processed food $500 million and jute and jute goods fetched $481 million with leather and leather goods witnessing 13 percent growth year-on-year.
However, exports of agro-processed food fell by 23.26 percent year-over-year to $654 million. From $590 million a year earlier, exports of jute and jute goods dropped by 17.65 percent to $485.8 million.
Each of these three sectors is expected to earn over $1 billion in export earnings by the end of the fiscal year, according to economic analysts. With a 41 percent export growth in a year, the country earned $100 million from the export of plastic goods.
“Despite a decline in export orders over the past two months, Bangladesh has recorded its most impressive export performance ever since independence. The export performance has created rays of hope among industry owners," he said.
“Our condition is not good, but it is a positive sign nonetheless. This export performance is bringing hope to the economy at a time when the whole world is in turmoil," he noted.
The half-year export performance has surprised exporters, as there were widespread concerns about industrial production and exports when the gas and electricity crisis deepened in September.
As a result of the Russian-Ukrainian war, the world economy has been in turmoil, which has resulted in many calculations being altered.
Even the world's largest economy has experienced high inflation and a fall in purchasing power.
The World Bank and IMF also predicted a global economic recession.