Bangladeshi exporters sold goods worth over $5 billion in June, ending FY 2022-23 with a 6.67 percent year-on-year increase to a record $55.56 billion, buoyed by growth in the apparel sector.
The exports in June were 2.51 percent more than that of the same month last year, but still 9.61 percent shy of the target, Export Promotion Bureau data showed on Monday. Annual exports also fell short of the $58 billion target by 4.21 percent.
The boost in exports despite the Russia-Ukraine war is expected to ease the pressure on Bangladesh’s dollar reserves.
Exports crossed $5 billion for three months in a row from November, with the December figure of $5.37 billion being the highest in the country’s history.
After falling for two months, exports rose by 26.61 percent year-on-year to $4.85 billion in May, surprising many as exporters said they suffered from a fall in orders over global economic headwinds, and disruption in production caused by frequent power cuts and a gas shortage.
Entrepreneurs in the readymade garment industry, which contributes more than 80 percent to Bangladesh’s exports, said delivery of shipments that were deferred in April to May because of the Eid-ul-Fitr holiday was one of the reasons for a growth.
Exports fell drastically in May 2022 because of the Eid holiday last year, which also led May’s exports to look bigger year-on-year, the exporters said.
The factories were closed for several days again by the end of June for Eid-ul-Azha holiday.
