Bangladesh’s exports grow 6.67% in FY23 but miss the mark

[Homo Sapiens]

Bangladesh’s exports grow 6.67% in FY23 but miss the mark​

The record exports, however, miss the target of $58 billion by 4.21 percent​

Staff Correspondentbdnews24.com
Published : 3 July 2023, 09:16 PM
Updated : 3 July 2023, 09:16 PM

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 readymade garment industry beat the target by 0.41 percent to post a 10.27 percent year-on-year growth to around $47 billion.

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.

Bangladesh’s exports grow 6.67% in FY23 but miss the mark

The record exports, however, miss the target of $58 billion by 4.21 percent

bdnews24.com

 

[protean]

See, the growth rate isn't anywhere to boast about. And to imagine $47 billion out of $56 is apparel exports, this is untenable. As soon as Bangladesh coming out of LDC status it will be in the world of hurt.

 

[GreatHanWarrior]

See, the growth rate isn't anywhere to boast about. And to imagine $47 billion out of $56 is apparel exports, this is untenable. As soon as Bangladesh coming out of LDC status it will be in the world of hurt.

It's okay. Bangladesh is just because its industrial base is too weak.

 

[Homo Sapiens]

See, the growth rate isn't anywhere to boast about. And to imagine $47 billion out of $56 is apparel exports, this is untenable. As soon as Bangladesh coming out of LDC status it will be in the world of hurt.

Bangladesh is at risk of loosing $7 billion Dollar worth of export order post LDC I read in some other sources. But this can be prevented with timely policy supports.

On a positive side, LDC graduation will bring FDI. Currently nobody even bother to look at Bangladesh because of LDC tag.

 

[Bilal9]

It's okay. Bangladesh is just because its industrial base is too weak.

It may be weak, but India generally sucks as a mfg. economy, despite its larger economic size...

The development models of the two countries are different. Bangladesh followed the Asian tiger economy route, agrarian to light engg. (textiles) to diversified mfg. like electronics and pharma more recently, while India took the path of becoming a service economy, given its historic blunders and failures in mfg.

Other than auto clusters in Gujarat and cellphone assembly more recently, there are few bright spots in Indian mfg. to speak of.

If Bangladesh grows faster, it will suggest that manufacturing, starting with textiles, is still the ticket to industrialization. If India grows faster, then services will be the ticket of future growth for 3rd World countries like Bangladesh and India.

 

[GreatHanWarrior]

It may be weak, but India generally sucks as a mfg. economy, despite its larger economic size...

View attachment 936903

It may be weak, but India generally sucks as a mfg. economy, despite its larger economic size...

View attachment 936903

The development models of the two countries are different. Bangladesh followed the Asian tiger economy route, agrarian to light engg. (textiles) to diversified mfg. like electronics and pharma more recently, while India took the path of becoming a service economy, given its historic blunders and failures in mfg.

Other than auto clusters in Gujarat and cellphone assembly more recently, there are few bright spots in Indian mfg. to speak of.

If Bangladesh grows faster, it will suggest that manufacturing, starting with textiles, is still the ticket to industrialization. If India grows faster, then services will be the ticket of future growth for 3rd World countries like Bangladesh and India.

Have you heard of 'Immervision' in the US?

 

[Bilal9]

Have you heard of 'Immervision' in the US?

Yes I have. It is based in Montreal, Quebec, Canada. They do have offices in the US.

Bangladesh is at risk of loosing $7 billion Dollar worth of export order post LDC I read in some other sources. But this can be prevented with timely policy supports.

On a positive side, LDC graduation will bring FDI. Currently nobody even bother to look at Bangladesh because of LDC tag.

Bangladesher unnoti dekhlei Bhakt-ghoti-dada der eto ga chulkai kano bujhina. Shokuner doa-tey ki goru morey?

 

[NG Missile Vessels]

Other than auto clusters in Gujarat there are few bright spots in Indian mfg. to speak of

So you meant to say Gujarat cluster alone contributes $222 billion to the Indian automobile industry?

Other than cellphone assembly more recently, there are few bright spots in Indian mfg. to speak of

You forget to speak about the contribution of Indian pharmaceutical industry who have done remarkably well in the supply of biopharmaceuticals, complex generic drugs & vaccines to the developed and developing economies. Over 80% of the antiretroviral drugs used globally to combat AIDS are supplied by Indian pharmaceutical firms

Pharma exports expected to touch $28 billion in FY 24, says Pharmexcil chief - ET HealthWorld | Pharma

Indian Pharma Exports: In FY 23 we exported USD 25.39 billion worth of pharma goods with 3.25 per cent growth. When most commodities are not doing so well, India pharma made this and achieved this despite so many headwinds and global challenges.

www.google.com

If India grows faster, then services will be the ticket of future growth for 3rd World countries like Bangladesh and India.

Morgan Stanley report:

 

[mb444]

Bangladesh is at risk of loosing $7 billion Dollar worth of export order post LDC I read in some other sources. But this can be prevented with timely policy supports.

On a positive side, LDC graduation will bring FDI. Currently nobody even bother to look at Bangladesh because of LDC tag.

The risk of losing business is overstated. BD does not get benefit in US and our exports are on the rise there

The LDC benefit BD gets is in EU. Post graduation nothing much changes...buyers are not about to walk away from BDs capacity and world class logistics chain.

 

[CallSignMaverick]

It may be weak, but India generally sucks as a mfg. economy, despite its larger economic size...

View attachment 936903

The development models of the two countries are different. Bangladesh followed the Asian tiger economy route, agrarian to light engg. (textiles) to diversified mfg. like electronics and pharma more recently, while India took the path of becoming a service economy, given its historic blunders and failures in mfg.

Other than auto clusters in Gujarat and cellphone assembly more recently, there are few bright spots in Indian mfg. to speak of.

If Bangladesh grows faster, it will suggest that manufacturing, starting with textiles, is still the ticket to industrialization. If India grows faster, then services will be the ticket of future growth for 3rd World countries like Bangladesh and India.

More like other sectors in India's economy grew faster than manufacturing, especially the services sector. Which is why in a few years our services exports are projected to overtake our goods exports.