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Bangladesh’s earned more from exports growth this past fiscal than any other time, dispelling concerns the earnings would take hit following political unrest and devastating RMG accidents.
According to the latest statistics released by Export Promotion Bureau on Thursday, export earnings in the just concluded financial year crossed $30 billion-mark for the first time.
The EPB says Bangladesh earned $30.18 billion from sale of its products overseas in 2013-14 FY ending on June 13.
The figure is 11.65 percent higher than the previous FY’s earnings but 1.05 percent lower than the target of $30.50 billion set for the period.
The RMG industry continued to lead the charge, accounting for $24.49 billion or 81 percent of the total export earnings.
Of the RMG exports, the sales from knit garments were worth $12.04 billion, a 15.02 percent rise over the previous FY’s earnings.
Earnings from woven garments reached $12.44 billion, registering a 12.70 percent growth.
Exports from several sectors, however, declined.
Earnings from jute and jute goods dropped 20 percent, frozen food 9.54 percent and plastic wastes 22.97 percent.
Exports of tobacco, flowers, fruits, cement, salt, stones, cosmetics, printed materials, yarns, specialised textiles, ships and construction materials also fell.
According to a Bangladesh Bank report, the government provided the exporters with Tk 25.92 billion in cash incentives against the overseas sale in the 2013-14 FY.
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Note that, RMG was out of the scope of GSP facilities and was not affected by the GSP suspension, hence it has been showing steady growth as usual. However, exports from other industries have been declining since they fall under the scope of the GSP facilities and thus affected by its suspension.
According to the latest statistics released by Export Promotion Bureau on Thursday, export earnings in the just concluded financial year crossed $30 billion-mark for the first time.
The EPB says Bangladesh earned $30.18 billion from sale of its products overseas in 2013-14 FY ending on June 13.
The figure is 11.65 percent higher than the previous FY’s earnings but 1.05 percent lower than the target of $30.50 billion set for the period.
The RMG industry continued to lead the charge, accounting for $24.49 billion or 81 percent of the total export earnings.
Of the RMG exports, the sales from knit garments were worth $12.04 billion, a 15.02 percent rise over the previous FY’s earnings.
Earnings from woven garments reached $12.44 billion, registering a 12.70 percent growth.
Exports from several sectors, however, declined.
Earnings from jute and jute goods dropped 20 percent, frozen food 9.54 percent and plastic wastes 22.97 percent.
Exports of tobacco, flowers, fruits, cement, salt, stones, cosmetics, printed materials, yarns, specialised textiles, ships and construction materials also fell.
According to a Bangladesh Bank report, the government provided the exporters with Tk 25.92 billion in cash incentives against the overseas sale in the 2013-14 FY.
==============================================================================
Note that, RMG was out of the scope of GSP facilities and was not affected by the GSP suspension, hence it has been showing steady growth as usual. However, exports from other industries have been declining since they fall under the scope of the GSP facilities and thus affected by its suspension.
