Bangladesh's export earnings marked 10.58-percent rise year on year in the first half of the current fiscal, saving a delirious situation of expensive import amid global price spiral.
According to official data, the export rose on the back of a hefty growth in the receipts from shipment of apparel -- perennially the country's overwhelmingly biggest export industry.
The overall export earnings also surpassed marginally the strategic target for the July-December period of the fiscal year (FY) 2022-23, the data revealed Monday.
Bangladesh booked a total of US$27.31 billion from merchandise exports during the first six months of this fiscal compared to nearly $24.70 billion in the matching period of last fiscal, according to the Export Promotion Bureau (EPB).
Of the total, export receipts from woven garments witnessed a significant rise to cross $10.33 billion during the July-December period over nearly $8.74 billion during the same period of FY'22.
Knitwear items fetched about $12.66 billion, reflecting a 13.42-percent increase over the corresponding period of last fiscal.
However, earnings from shipments of home-textile products declined by 16.02 per cent to $ 601.26 million over the matching period of last fiscal, according to the EPB data.
Among other major sectors, earnings from shipments of leather and leather products grew by 13 per cent to $675.09 million during the July-December period over that of $563.96 million during the corresponding period of last fiscal.
Export receipts from agricultural products, and jute and jute goods fell significantly during the July-December period of the current fiscal over the corresponding period of last fiscal, the EPB data showed.
The country earned $501 million from export of agricultural products and $485.88 million from jute and jute goods while the figures were $654.04 million and $590.05 million respectively in the same period of last fiscal.
Industry-insiders attribute such a hefty growth in the earnings from export of readymade garments to increase in unit prices of the items on the global market following higher raw-material prices and freight costs.
Besides, some ongoing steps toward building country's image abroad and diversifying the export markets also helped rise in the export receipts, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan told the FE.
"Apart from the traditional markets, our exports to some emerging markets namely Korea, Japan, India increased in recent times," he says.
He, however, says the volume or quantity of exported items declined despite increase in the unit prices of apparel/garment items.
When asked, the BGMEA leader said: "Though we are hopeful about sustaining our export growth in the months ahead, it would be a challenging task given the prevailing global financial crunch."
However, steep rise in import costs for devaluation of the local currency against the pricey dollar and global price rises upset the country's balance of payments and mounted pressure on the foreign-currency reserves.
