Tuesday, 16 August, 2022

Export earnings to cross $50bn in FY22

  • Staff Correspondent
  • 29 June, 2022 12:00 AM
  • Print news
Export earnings to cross $50bn in FY22

Bangladesh’s export income is set to hit the much-expected figure of $50 billion in the outgoing 2021-22 fiscal year propelled by a rise in apparel exports despite the Ukraine war.

Total merchandise exports grew 34.09 per cent year-on-year to nearly $47.18 billion during the first 11 months from $35.18 billion in FY22, the latest data from Export Promotion Bureau (EPB) suggested on Tuesday.

The export performance surpassed July-May’s figures by 18.34 per cent. It even crossed the $43.5 billion export target set for the whole year.

“Usually, exports fell somewhat in May and June. Despite that, the current fiscal’s export earning will cross $50 billion mark,” EPB Vice-Chairman AHM Ahsan said.

He added that the final export figure may stand at $58 billion in the 2021-22 fiscal year, if $8 billion in export income from service exports are added to total exports. He also projected that this trend will continue until October this year.

Commerce Minister Tipu Munshi has said the government has extended all-out support to boost the country’s exports. He expressed hope that exports will cross the $80 billion mark by 2025.

Apparel exports make up 82 percent of the country’s total exports. RMG exports surged to $38.52 billion with nearly 35 percent growth year-on-year from $28.56 billion apparel export one year ago.

Apparel exporters have informed that they have already shipped $3.20 billion worth of RMG products in 25 days of June. If this figure is taken into account, total exports have already surpassed the $50 billion mark.

Knitwear exports grew by 36.61 percent during the period to $20.99 billion while woven garment exports increased by 32.85 percent to $17.54 billion. Home textile exports also surged by 41.3 percent to $1.47 billion.

Leather and leather goods exports rose by 31.85 percent to 1.12 billion during the July-May period from $846 million.

Exports of jute and jute goods, on the other hand, slightly fell 3.19 percent to $1.06 billion from $1.09 billion a year earlier.

Frozen and live fish exports grew 14.1 per cent year-on-year to $491.62 million from $430.88 million, according to the latest EPD data.