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Exports continue to grow, hit record $4.72bn in Oct

  • Staff Correspondent
  • 4 November, 2021 12:00 AM
  • Print news

Bangladesh’s export earnings surged to a record high of $4.72 billion in October with 60.37 per cent year-on-year growth.

The earnings are 36.47 per cent higher than the projected volume, according to data released by Export Promotion Bureau (EPB) on Tuesday.

Earlier in September, exports set the previous record, rising 37.99 per cent year-on-year to $4.17 billion.

Apparel exports make up $3.56 billion of the total exports of $4.72 billion in October. RMG export stood at $3.42 billion in September. 

The government has set the export target at $43.50 billion for this fiscal. Export income stood at $38.76 billion in the 2020-21 fiscal.

Earnings from agricultural products that included vegetables, fruits and dry foods witnessed a growth of about 29.34 per cent. The sector's earnings stood at $464.11 million during the July-October period of FY'22.

Earnings from pharmaceutical exports stood at $73.88 million, marking 31.60 per cent growth.

Bangladesh fetched $364.9 million from leather-and leather-goods exports during the same period, registering a 28.85 per cent growth.

Export earnings from frozen and live fishes increased 17.46 per cent to $225.23 million in the first four months of FY '22. Garment exports that account for more than 80 per cent of the nation’s shipments grew 20.78 per cent year-on-year to $12.62 billion in the July-October period.

RMG earning constitutes 80 per cent of the total exports recorded in the four months. Besides, exports of frozen foods, processed agricultural products, home textile, leather, engineering and chemical items increased. However, exports of jute and jute related products have fallen.      

Sources said RMG buyers were bent on Bangladesh following an increase in production cost in China caused by the energy crisis and closure of factories in Vietnam amid the Covid-19 pandemic.

In four months, knit items recorded an export increase by 24 per cent than the same time in the last year to $7.20 billion while woven fabric by 16.41 per cent to $5.41 billion.

Fazlul Haque, former president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said the RMG exports will continue to see export growth in the next 3-4 months. "The buyers are indifferent towards the yarn price hike," he said, adding that the factory owners will have to bargain efficiently.