Bangladesh earns $28 billion from exports in 11 months

Bangladesh is ending the 2014-15 financial year on a high in terms of export earnings.

According to Export Promotion Bureau statistics released on Monday, the country earned $28.14 billion from exports in the first 11 months of the current fiscal that began July 1 last year.

The figure is around 3 percent higher than export earnings of the same previous period but 6 percent lower than the target.

Exports in terms of value grew by 4.5 percent in May year-on-year.

EPB Vice Chairman Shubhashish Bose expects the earnings to grow in June, the last month of the FY.

Economist Zaid Bakht said three percent growth in exports earnings despite the three month’s political turmoil, fall of Euro and other negatives was ‘positive’.

According to EPB statistics, the year began amid a negative trend in exports with earnings falling by 1.37 percent in July year-on-year.

Export earnings in the July-October period were 1 percent less than the figure in the previous corresponding period.

The earnings started to grow after July and recorded a 1.56 percent rise in July-December period.

Bangladesh Readymade Garment Manufacturers and Exporters Association (BGMEA) President Atiqul Islam told bdnews24.com: “Bangladesh’s image has been tarnished by the three-month violence.

“Despite that, we have maintained a 3 percent growth (in exports).”

He said there was little chance to reach the $27 billion export target set for the RMG sector for the current year.

“We think exports will be worth $26 billion. It will be more than the previous year’s figure,” he added.

The government fixed export target at $33.2 billion for the current FY. Goods worth $30.19 billion were exported in the previous fiscal.