Bangladesh’s export earnings saw a 6.25% negative growth year-on-year in September this year, following a more than 14% growth a month ago. According to data from the Export Promotion Bureau (EPB) released on Sunday, the country raked in $3.9 billion last month. However, the earnings were $4.16 billion in the same period last year (2021), said the EPB.
According to EPB, After 13 months of much needed recovery of the apparel export from pandemic and promising growth, export declined by 7.52% in September 2022 compared to the same month of 2021. After a slump in July, the country’s export earnings made a strong comeback in August with $3.38 billion, riding on apparel shipments, especially knitwear products.
In July and August combined, the earnings declined by 0.31% year-on-year, which was $6.87 billion in the same period last year and it remained 7.84% below the export target of $7.44 billion for the period. During the first quarter of FY 2022-23, apparel shipments reached $10.27 billion, which is 13.41% higher than the previous year’s corresponding time.
BGMEA says, severe inflation is being experienced by the USA and the EU countries as a consequence of the Russia-Ukraine war. Buyers are following cautious steps to make their inventory and supply chain optimum, so some of them are even holding back production and orders.
