Amidst the backdrop of the Russia-Ukraine war-induced inflationary pressures that have dampened consumer demand for non-essential goods, Bangladesh’s economy has managed to maintain a positive trajectory in terms of product exports during the fiscal year 2022-23. Despite these challenges, the nation’s export sector not only achieved its highest historical export value but also registered a commendable growth rate of 6.67 per cent this year.
In a significant achievement, the month of July concluded with exports worth a notable $4.59 billion. This figure represents a remarkable 15.26 per cent surge compared to the same month in the previous fiscal year, which saw exports valued at $3.98 billion. Impressively, the July exports also surpassed the monthly target by 2.5 per cent.
The latest data, released by the Export Promotion Bureau (EPB) on Wednesday, reveals several key insights. Notably, exports of processed agricultural products, jute and jute goods, non-leather footwear, and plastic products experienced a rise in July, in addition to the consistent performance of the ready-made garment sector. Conversely, the exports of home textiles, frozen foods, leather and leather products, and engineering goods observed a decline during this period.
According to the EPB, an impressive 86 per cent of the total merchandise exports in the first month of the current fiscal year came from the thriving ready-made garment sector. The worth of ready-made garment exports for the month stood at $3.95 billion, marking a substantial 17 per cent increase compared to the same period last year.
Looking ahead, the government has set an ambitious export target of $62 billion for the current fiscal year. EPB data from the previous fiscal year reveals that goods’ export values reached $55.56 billion, reflecting a noteworthy 6.67 per cent increase compared to the preceding fiscal year.
