Despite grappling with several economic challenges, the country exported goods valued at US$5.72 billion last month, marking an 11.5% increase compared to the same month in 2023, as per the latest data from the Export Promotion Bureau (EPB).

However, the figure fell short of Bangladesh’s export target for January 2024 by 0.69%. Last year in January, exports stood at $5.13 billion.

According to EPB data, the country’s overall exports stood at $5.3 billion in December 2023. And, in the July-January period of the ongoing 2023-24 fiscal year, the exports stood at $33.26 billion, 2.52% higher compared to the same period of the previous fiscal.

Sector wise performance

In January, the country’s earnings from apparel exports grew 12.45% year-on-year and reached $4.97 billion.

In FY23, RMG exports increased 3.67% year-on-year and reached $47.39 billion. Of the amount, $20.82 billion came from woven items exports, and $26.56 billion from knit.

Mohiuddin Rubel, director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told the Daily Sun, “Exports increased thanks to the cordial efforts of entrepreneurs and the country’s value-added products.”

“Amid the global economic crisis, Bangladesh’s export increased which is a positive sign in our economy. But we are not sure whether the upward trend will continue in the coming months.”

“The overall growth in RMG export is not up to the mark, but not bad either. However, the recent trend in trade reflects the depressing scenario of the retail business and economy, which might be continued throughout this year,” he added.

Mohiuddin, also the additional managing director of Denim Expert Ltd, further said “For Bangladesh, the positive side is that we are being able to gradually diversify our products and move towards sophisticated items, which is reflected in the growth. In addition, this is the first time our RMG exports have neared $5 billion in a single month.”

Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) Chairman Tarafder Md Ruhul Amin said the private sector is working relentlessly to maintain economic growth despite the global crisis.

“To achieve the target of a trillion dollar economy, the government must support the country’s entrepreneurs.”

“The existing complexities—transportation, shipping and customs—in the import-export of products and raw materials should be resolved as soon as possible,” he added.

He claimed that businessmen don’t even get a dollar against Tk120-122 to import various machinery and raw materials, stressing that the dollar crisis be resolved soon.

Speaking on incentives cut on export items, he said the export sector will face losses if the incentives given to export-oriented industries including ready-made garments are stopped.

Ruhul Amin demanded further simplification of port management to expand exports and increase competitiveness.

Meanwhile, in July-January of FY24, jute and jute goods saw a 6.85% year-on-year decline in exports to $510.54 million.