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The country's export earnings in May 2019 hit a record single-month high of US$ 3.81 billion, with the readymade garment sector contributing more than 85 per cent to the export receipts.
The export earnings in May '19 posted a 14.78 per cent increase, compared to the same month in the previous year, which saw export earnings of $3.32 billion.
The earnings in May also surpassed its monthly target by 9.23 per cent, according to official data released on Monday.
Out of the $3.81 billion earnings for May, about $3.24 billion came from the readymade garment (knit and woven items) exports.
Meanwhile, the overall export earnings during the July-May period of the current fiscal year (FY), 2018-19, stood at $37.75 billion, registering a moderate growth of 11.92 per cent.
The country fetched $33.72 billion during the July-May period of the last fiscal year, FY 2017-18, official data show.
The export performance exceeded the 11-month target by 6.64 per cent in this fiscal year.
During the July-May period of the current FY, the readymade garments (RMG) exports fetched $ 31.73 billion, up 12.82 per cent from $ 28.12 billion in the corresponding period of the last fiscal.
The earnings also exceeded the 11-month target by 6.95 per cent.
From knitwear exports, the country earned $ 15.68 billion during the period, registering a growth of 12.50 per cent, compared to $ 13.94 billion in the corresponding period of the last FY.
Earnings from the export of woven garments were $ 16.05 billion, up 13.13 per cent from $14.18 billion in the same period of the last FY.
On the other hand, the earnings from home textile exports fell by 2.69 per cent to $ 800.85 million. The figure also fell short of the nine-month target by 6.14 per cent.
Contacted, Asif Ibrahim, a director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), termed the overall growth 'optimistic'.
The Eid festival might have an impact on the export performance, as exporters made timely shipments, even early shipments in some cases, before the long Eid vacation started, he said.
He also said the ongoing trade war between the US and China offers an opportunity to local exporters, as the US buyers see Bangladesh as one of several Asian countries that can be potential sourcing alternative to China.
"Bangladeshi exporters must take the advantage and try to negotiate better price for their orders," he noted.
Mahmud Hasan Khan, a former leader of BGMEA, said woven garment exports rose in the US market in the wake of trade war between China and the US, as the latter shifting orders to other destinations, including Bangladesh.
There is an opportunity to grow further in the US market if the lead time can be reduced further, he said.
He also expressed concern over the closure of factories in recent times.
He also claimed that local value addition in the RMG sector and the profit margin are declining gradually.
Meanwhile, the jute sector has demonstrated a weak export performance in the July-May period of the current FY.
Earnings from the exports of jute and jute goods fell by 19.99 per cent to $ 628.08 million from $ 773.57 million in the same period of the last fiscal year.
The country fetched $ 943.83 million from exports of leather and leather goods in the first 11 months of FY '19, registering a 5.93 per cent decline over the same period of last fiscal year.
Earnings from leather footwear export, however, increased 8.96 per cent to $ 557.41 million in the July-May period.
Exports of frozen and live fish also grew by 1.87 per cent to $ 474.02 million in the same period of the current fiscal year, according to the Export Promotion Bureau (EPB) data.