Wednesday, 25 May, 2022

Exports soar 51pc to $4.73bn in April

Exports soar 51pc to $4.73bn in April

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Bangladesh’s export earnings jumped 51.18 per cent year-on-year to $4.73 billion in April, thanks to a rise in apparel exports amid the recovery from the Covid-19 fallout.  

During the first 10 months of FY22 stretching from July to April, exports climbed 35.14 percent year-on-year to $43.34 billion, according to data released by the Export Promotion Bureau (EPB) on Monday.

The first 10 months’ exports are 12 percent higher than FY21’s total export earnings of $38.76 billion.

April’s exports were the fourth-highest monthly export earnings in the country's history after December’s $4.91 billion, January’s $4.85 billion and March’s $4.76 billion this fiscal year.   Exports continue to show higher growth so far this year supported by the demand from the west and higher commodity prices amid the ongoing Russia-Ukraine war, analysts say.

Knitwear export rose 37.49 percent to over $19.24 billion and woven 34.23 percent to nearly $16.12 billion in the first 10 months till April of the current fiscal year, EPB data showed.

Exporters think that the country will be able to maintain this uptrend in the rest of the two months and the total exports finally reach $52 billion at the end of the fiscal year. 

April's income was higher than $3.37 billion month export target set by EPB. In April 2021, month exports stood at over $3.13 billion.

July-April’s exports were 20.52 percent higher than $35.96 billion periodical target set by EPB. During the same period a year earlier, exports totalled $32.07 billion.

EPB data showed that apparel shipment rose to $35.36 billion during the first 10 months, which was 36 percent higher than RMG shipment during the same period last year and 22 percent higher than the periodical target.

However, the trade deficit is also rising as Bangladesh’s import bills are increasing on the back of the higher commodity prices in the international markets.

The trade deficit expanded to a record $24.91 billion from $15.22 billion in the first nine months of the current fiscal year compared to the same period a year ago, according to Bangladesh Bank data.