The country's single-month export recorded a slow growth with US$3.83 billion earnings in May, the lowest since September last, which exporters attributed to a sluggish global demand.
Bangladesh witnessed a 23.24 per cent growth in May 2022 export earnings compared to that of May 2021, when it fetched $3.10 billion, according to the Export Promotion Bureau (EPB) data - released on Thursday.
Since September last to April this year, the country's single-month export earnings had been surpassing the four-billion mark, fetching $4.90 billion in December, according to data.
The May 2022 earnings also missed the target set for the month by 1.64 per cent.
The overall export earnings during the first eleven months of the current fiscal year (FY), 2021-22, recorded over 34 per cent rise year on year.
The country fetched $47.17 billion during July-May period of FY 22 over that of $35.18 billion in the corresponding period of last fiscal.
The overall export earnings also surpassed the set target by 18.34 per cent, according to the EPB latest data.
Of the total $47.17 billion export income during the July-May period, RMG sector fetched $38.52 billion, posting a 34.87 per cent growth over last fiscal.
A breakdown of the clothing sector performance shows that knitwear subsector earned $20.98 billion from export, registering a 36.61 per cent growth.
Earnings from export of woven garments amounted to $17.53 billion in the past eleven months, up by 32.85 per cent.
Home textile export also recorded over 41 per cent growth to $1.46 billion in the first eleven months of this fiscal.
When asked, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan attributed high inflation that forced global buyers to slow down their purchase.
"Orders have started to be on hold due to inflation, which has raised the prices of essentials, including food. As a result, demand for apparel items is going down."
Besides, the prices of raw materials are also increasing due to the COVID pandemic crisis, while the Russia-Ukraine war has worsened the situation further, he noted.
The BGMEA president also attributed the long Eid holiday for lower export earnings in May, saying the factories remained closed for seven to ten days due to the Eid-ul-Fitr last month.
Echoing the BGMEA president, its vice president Md Shahidullah Azim said the European Union (EU) is the largest destination for local export items, including RMG.
There is 'silence recession' in the EU. The buyers are now in a wait-and-watch situation and have already started differing their shipment time.
Besides, they are now witnessing a low trend in placing orders compared to the last few months, he noted.
Both the leaders demanded continuation of the government's existing policy supports, simplifying related activities, and ensuring ease of doing business to help export increase further - taking the global scenario into consideration.
Meanwhile, jute sector, which demonstrated a positive growth last fiscal, recorded a 3.19 per cent fall in the July-May period of FY 22 with $1.05 billion in earnings.
Earnings from agricultural items, including vegetables, fruits and dry foods, witnessed a 21.51 per cent growth. The sector's aggregate earnings stood at $1.10 billion during the July-May period.
Earnings from pharmaceutical exports stood at $175.10 million, marking a 20.39 per cent growth. Bangladesh earned $1.11 billion from export of leather and leather goods in the first eleven months, registering a 31.85 per cent growth.
Export earnings from frozen and live fishes increased 14 per cent to $491.62 million during the same period.
According to the EPB, export of plastic products witnessed a 36.84 per cent growth to $142.98 million.
