The Financial Express

Export earnings drop by 10pc in September

| Updated: October 25, 2017 02:54:29

Export earnings drop by 10pc in September

Export earnings of Bangladesh dropped to $2.03 billion last month, which is around 10 per cent less than the same month last year.

It also missed the target by 28 per cent, the Export Promotion Bureau revealed the data on Sunday, reports bdnews24.com.

After publishing the data, Bangladesh Garment Manufacturers and Exporters Association’s Senior Vice-President Faruque Hasan said that the exports dropped in September because the factories were closed for eight to 10 days during Eid-ul-Azha.

He fears more drop in export earnings in October.

“Our competitors like India, Vietnam, and Cambodia are giving many incentives to the garment sector for raising exports. Our government should also pay more attention to this sector,” he said.

The BGMEA leader added it would be ‘challenging’ to maintain growth as garment prices were dropping in the global market.

The rise in exports in July and August helped Bangladesh post a 7.23 per cent growth in the first quarter of 2017-18 fiscal year, but missed the target by around 3 per cent.

Bangladesh exported goods worth $8.66 billion in July and August.

In the first quarter, readymade garment sector contributed to around 82.5 per cent of total exports, with a nearly 10 per cent growth.

The government has set a target to export goods worth $37.5 billion in 2017-18 fiscal year.

Exports in the last financial year amounted to $34.59 billion, which was 3.39 per cent more than the previous year, but against a target of $37 billion.

In September, remittance also dropped 39 per cent to $853 million, which is the lowest in five and a half years, after starting the fiscal year with rises in July and August.

Share if you like