Bangladesh exports rise 54.82% year-on-year in March

[Homo Sapiens]

Bangladesh exports rise 54.82% year-on-year in March​

Staff Correspondent, bdnews24.com
Published: 05 Apr 2022 01:08 AM BdST Updated: 05 Apr 2022 01:08 AM BdST

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  The first container ship leaves Chattogram Port for Italy on Monday, Feb 07, 2022. Photo: Suman Babu

Bangladesh's export receipts have continued to move up with a 54.82 percent year-on-year growth in March despite fears of a dip over the Ukraine-Russia war.​

Maintaining the upward momentum for the past few months, exporters shipped goods worth $4.76 billion and marked the seventh successive month in which export revenues crossed $4 billion.

As the recovery from a pandemic-induced rut continues apace, Bangladesh’s exports grossed $38.6 billion in the first nine months of the current fiscal year, surpassing the revenues of the previous year from the same period by 33.41 percent.
Since late February, the war in Europe brought about global trade hurdles, triggering fears of a decline in Bangladesh’s export revenues, but the upward trend continued.

Shahidullah Azim, vice president of garment exporters' lobby BGMEA, said Bangladesh cut off exports to the Russian market but continued shipping goods around the globe, including other European countries.
“Bangladesh is receiving numerous purchase orders after COVID restrictions were lifted. Keeping that in mind, we think the trend will continue until June. But the recent gas crisis and the spike in prices of raw materials reduced the revenues.”
According to data from the Export Promotion Bureau, the growth continues to be propelled by exports of ready-made garments and leather products.

The earnings from the export of clothing in the nine months until March totalled $31.42 billion, surpassing the target by 19 percent and up 33.81 percent from the same period last year.
The home textile sector raked in $1.15 billion, seeing a growth of 37 percent.

Meanwhile, leather and leather products bagged $896.8 million, which is 31 percent more than the earnings made in the same period last fiscal year.
However, exports of jute and jute products earned $887 million as Bangladesh languishes 16.64 percent behind the target until March this fiscal and grossing 7 percent less than the same period last year.

Bangladesh exports rise 54.82% year-on-year in March

Bangladesh's export receipts have continued to move up with a 54.82 percent year-on-year growth in March despite fears of a dip over the Ukraine-Russia war.

bdnews24.com

 

[bluesky]

Maintaining the upward momentum for the past few months, exporters shipped goods worth $4.76 billion and marked the seventh successive month in which export revenues crossed $4 billion.

I expect in this 2022 (not FY), BD exports will reach above $50 billion. Our people and industries are working hard to go beyond the targets set by the govt.

On the other hand, buyers throughout the Western world are giving orders continuously. They now understand that our people are serious without a flaw when it is production and exports.

 

[SD 10]

damn ! Good going!

 

[UKBengali]

Exports this fiscal have a chance to hit 55 billion US dollars, although around 50 billion US dollars seems more likely.

We seem to be seeing a slow downward trajectory in the proportion of garment exports as that is now 81% from 84% in fiscal 2019. These are slow signs that the export diversification initiative of the AL government is having some effect.

BD needs to aim to get share of garment exports down to 75% by 2025 and hopefuly below 70% by 2030 if it is to keep it's growth trajectory stable.

 

[Bilal9]

Exports this fiscal have a chance to hit 55 billion US dollars, although around 50 billion US dollars seems more likely.

We seem to be seeing a slow downward trajectory in the proportion of garment exports as that is now 81% from 84% in fiscal 2019. These are slow signs that the export diversification initiative of the AL government is having some effect.

BD needs to aim to get share of garment exports down to 75% by 2025 and hopefully below 70% by 2030 if it is to keep it's growth trajectory stable.

Wow.

I was expecting that we'd hit the $60 Billion mark in another two years...

Eid going to come early...

আব্বা ঘরে খেলনা আনলে আগেই ছোট খাটো একটা ঈদ।

 

[waz]

Well done Bangladesh.

 

[UKBengali]

Wow.

I was expecting that we'd hit the $60 Billion mark in another two years...

Eid going to come early...

Those who think that garment orders can be quickly moved away from BD at the whim of the importing countries are sadly deluded.

BD has spent decades building a whole ecosystem and that cannot be easily replaced without many years of transition to alternative suppliers.

Anyway, the other really important thing if you look at the data in detail is we are seeing a slow move away from garments in the export basket. It may be on average 1% a year that could feed in over 1-2 decades to something substantial if sustained.

Two major thrust areas of exports this decade are electronics(Walton aims 100 million US dollar exports this fiscal and they aim for 1 billion US dollars by 2025 which may be a bit optimistic but this company is outstanding by S Asian standards) and also IT services, where BD has abundant human resources.

Real hopeful signs on BD economy and the country is showing that it deserves the projections of being the fastest growing large developing economy till 2035 at least.

 

[Bilal9]

Those who think that garment orders can be quickly moved away from BD at the whim of the importing countries are sadly deluded.

BD has spent decades building a whole ecosystem and that cannot be easily replaced without many years of transition to alternative suppliers.

Anyway, the other really important thing if you look at the data in detail is we are seeing a slow move away from garments in the export basket. It may be on average 1% a year that could feed in over 1-2 decades to something substantial if sustained.

Two major thrust areas of exports this decade are electronics(Walton aims 100 million US dollar exports this fiscal and they aim for 1 billion US dollars by 2025 which may be a bit optimistic but this company is outstanding by S Asian standards) and also IT services, where BD has abundant human resources.

Real hopeful signs on BD economy and the country is showing that it deserves the projections of being the fastest growing large developing economing till 2035 at least.

With the API ingredients being sourced locally more and more, Pharma is going to take off too, it already has to some extent.

Govt. should provide even more tariff support to really grow this sector.

Pharma is not affected by recessions, people have no choice getting sick.

Just like they have to clothe themselves, no matter the state of the economy.

 

[UKBengali]

With the API ingredients being sourced locally more and more, Pharma is going to take off too, it already has to some extent.

Govt. should provide even more tariff support to really grow this sector.

Pharma is not affected by recessions, people have no choice getting sick.

Just like they have to clothe themselves, no matter the state of the economy.

Pharma sector export this year could hit 200 million US dollar - up from 100 million dollars 5 years ago and that is a average yearly growth of 15%.


Hopefully with the API parks and a snowballing regulatory clearances around the world, export growth can be pushed up to the 25-30% yearly level in order to grow the sector into a multi-billion dollar export industry later on this decade.

 

[bluesky]

Wow.

I was expecting that we'd hit the $60 Billion mark in another two years...

Eid going to come early...

আব্বা ঘরে খেলনা আনলে আগেই ছোট খাটো একটা ঈদ।

Bold Part: You have the mind and writing style of a writer/ novelist.

 

[Bilal9]

Bold Part: You have the mind and writing style of a writer/ novelist.

Thank You @bluesky bhai. You are too kind.

 

[PoondolotoPandalum]

January's export was $4.85 billion. February was $4.29 billion. March is $4.76 billion. These are record numbers!

I don't know much about the export dynamics of Bangladesh, but from 2021 data, export figures are generally at their lowest at this time of the year, and highest from October to December. So it's encouraging to see consistent these figures. I think crossing the $60 billion export threshold is a reachable prospect in the current financial year.

What do you think the GDP growth will be with these numbers? I think the surge in exports would be possibly countered by moderate consumer spending, due to inflation, price increases, and the economic impact of Covid-19. Can we go back to 8%?

 

[Wergeland]

January's export was $4.85 billion. February was $4.29 billion. March is $4.76 billion. These are record numbers!

I don't know much about the export dynamics of Bangladesh, but from 2021 data, export figures are generally at their lowest at this time of the year, and highest from October to December. So it's encouraging to see consistent these figures. I think crossing the $60 billion export threshold is a reachable prospect in the current financial year.

What do you think the GDP growth will be with these numbers? I think the surge in exports would be possibly countered by moderate consumer spending, due to inflation, price increases, and the economic impact of Covid-19. Can we go back to 8%?

I am telling you my man, Bangladesh is just getting started.
Main goal should be political stability .. i dont care if Hasina stays in power for 20 more years, as long as there is no hartals or political violence, then BD private sector will bloom like mushrooms.

 

[PoondolotoPandalum]

I am telling you my man, Bangladesh is just getting started.
Main goal should be political stability .. i dont care if Hasina stays in power for 20 more years, as long as there is no hartals or political violence, then BD private sector will bloom like mushrooms.

Adb projects 6.9% this fiscal year, and 7.1% in F23. Good but not anazing. India is projected to grow to 7.5% in FY23 due to surge in exports.

Both countries will likely see similar level growth from F23, but Bangladesh's population growth is slightly less than India.

 

[Destranator]

We should really step up R&D and marketing of processed Jute products. There is a strong push for switching to environmentally friendly packaging all around the world. Instead of selling raw jute to India at dirt cheap prices like suckers, we should sell tailor made Jute based packaging products to major Western shipping, retail and construction companies.
This can turn into a multi billion dollar export industry in its own right if we approach it right.