August exports see 36pc growth

Bangladesh’s merchandise exports rose by 36.18 percent to $4.6 billion in August riding on shipments of readymade garments, according to official data released on Sunday.

August’s exports were also up by 7.14 percent from the $4.30 billion strategic target set for the month, Export Promotion Bureau data shows.

The latest data shows export earnings for July-August rose by 25.31 percent to $8.59 billion. Of this, $7.11 billion came from exports of woven and knit garments.

The export of the country grew by 41.13 percent in January 2022 to $4.85 billion, on February 34.54 percent to $4.29 billion, on March 54.83 percent to $4.76 billion, on April 51.18 percent to $4.73 billion, on May 23.24 percent to $3.83 billion and on June 37.19 percent to $4.90 billion and July 14.71 percent to $3.98 billion.

EPB data shows export of garments products grew by 26.10 percent to $3.74 billion on July-August of the 22-23FY, of this knitwear fetched $3.91 billion, woven $3.19 billion while export of plastic goods grew by 61 percent to $33.37 million, leather and leather goods 28 percent to $99.89 million, engineering products 40 percent to $99.89 million and Jute and Jute goods 22.67 percent to $156.61 million.

At the same time, export of frozen fish and live fish export decreased by 7.21 percent to $81.63 million, and agricultural products by 14 percent to $178 million.

Bangladesh mainly exports apparel items, leather, footwear, Jute and jute goods, agricultural products, light engineering, etc.

“The work orders have declined by 20 to 25 percent from the global market. We are toiling to remain competitive. Due to the hike of cost in different components of production. So, the product price has been hiked though it is less than ethical price,” Shupolo Dewan, assistant general manager of Chittagong Denim Ltd said.

Replying to a quarry he said, fast fashion is the strength of Bangladesh. As these products are cheaper, people bought these products even in pandemic, but inflation caused by war keep people far away from buying cheap one as well.

“Garment sector already lost 20 percent of the work orders from EU and USA. A number of factories facing uncertainty for next year. This data doesn’t show the volume of export. Actually, export has been declined as the inflation reflected over the cost and price data looks as normal time,” Shahidullah Azim acting president of BGMEA said.

He said, “After a long pandemic, the sector started recovering but the war making the export vulnerable”.

According to Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the country fetched a record high of $42.61 billion in 2021- ‘22FY from the global market. At the same time, export grew to the EU by 13.36 percent and 22.72 percent in the non-traditional markets.

However, Bangladesh mainly exports garments, leather and leather goods, plastic good, jute and jute goods, light engineering goods, frozen fish, auricular goods, etc.

An insider of the garments industry said, already most of the big factories are booked for the year though the exporters are worried about the next year if the war is prolonged.

Many giant companies have expanded their business. If the pressure of work declines, they will suffer for the bank loan, think the industry insiders.