2019-09-09 11:35:36 BdST
July-Aug export receipts fall short of target
The country's export receipts for the first two months of the current fiscal year (FY) fell short of target by 12.40 per cent.
The total earnings from exports of merchandise products stood at US$6.73 billion during the July-August period of FY 2019-20 against the target of over $7.68 billion for the same period, official data revealed on Sunday.
Also, the export earnings for this two-month period declined 0.92 per cent, compared to the export receipts of $6.79 billion for the same period of the last fiscal, according to the Export Promotion Bureau (EPB) figures.
This downtrend in the export receipts is due to a substantial fall in the earnings from shipments of the country's readymade garment (RMG) products during the two months, the data show.
The overall export earnings from RMG items - both knitwear and woven garments - fell short of the target by 11.40 per cent for the two months.
The RMG sector fetched more than $5.71 billion during the first two months of this fiscal as against more than $5.73billion during July-August period of FY '19.
In the RMG sector, the earnings from exports of woven garments fell short of the target by 14.46 per cent while that of knitwear products by 8.26 per cent for the first two months of the current fiscal.
Exporters, however, attributed the downtrend in the value of overall exports to a dislocation resulting from long Eid-ul-Azha vacation coupled with a 'lean period' for the country's exports, especially for RGM items.
"… our exports, particularly the RMG products, went through a lean period in the global market in recent times," Exporters Association of Bangladesh (AAB) President Abdus Salam Murshedy MP said, adding that the Eid vacation also caused a disruption to the shipment process.
The exports of woven garments fetched over $2.79 billion and that of knitwear items $2.92 billion during the July-August period against their targets of $3.26 billion and $3.18 billion respectively.
The country's exports earnings from some other products, including primary commodities, jute and jute goods and manufactured commodities, during the July-August period were far below their strategic target, according to the EPB figures.
Unauthorized use or reproduction of The Finance Today content for commercial purposes is strictly prohibited.