Tuesday, 27 September, 2022

Export booms despite global gloom

The country has been considered the tiger economy of Asia in recent years, thanks to export earnings and remittances, among others. While the remittance kept running the wheel of the country’s economy even during the Covid-19-induced restrictions imposed all over the world, the other pillar of country’s economy, export earnings, after suffering a little during the pandemic, has also started gaining its much-needed pre-pandemic pace with the relaxation of lockdown. Now amid the worldwide economic crisis owing to the Ukraine war, the country’s export earnings is set to hit the much-expected magic figure of $50 billion in the outgoing FY 2021-22, flagging up the competence and prospect of the country.

According to the latest data from Export Promotion Bureau (EPB), the total merchandise exports grew year-on-year 34.09 per cent to nearly $47.18 billion during the first 11 months from $35.18 billion in FY22 and the final export figure is expected to stand at $58 billion (including $8 billion in export income from service exports) in the current fiscal year. It is to be mentioned here that the amount is much higher than the export target set for the whole year, $43.5 billion. In the outgoing year, all the export sectors except jute and jute goods have observed an exponential growth and it is projected that the trend will continue till October this year. Such an indomitable speed of export growth is making experts hopeful about crossing the figure of $80 billion by the FY 2025, which will surely be a great achievement.

However, we have to keep in mind that the rising trend of the export earnings is largely dependent on the GSP facilities that our country has been enjoying for years as a least developed country. The facilities will be invalid from 2026 with the country’s graduation from the LDCs. Therefore, instead of being complacent with the current success, the authorities concerned must work out ways to stay the course.