Export drops 5pc in January
Earnings from merchandise exports fell 4.99 per cent year-on-year to $3.43 billion in January as a result of slower recovery of garment shipment from the pandemic-induced organization slowdown, official data showed yesterday.
January's receipts were 9.58 % less than the monthly target of $3.80 billion, according to data from the Export Advertising Bureau (EPB).
Between July and January, the first seven a few months of the fiscal year, the shipment of garment, which typically contributes a lot more than 80 % to the national export, declined 3.44 % year-on-year to $18.40 billion.
Of the wages from the apparel export, $9.98 billion originated from the knitwear shipment, that was up 3.84 %. The export of woven items declined 10.85 per cent to $8.41 billion.
The shipment of woven items has been declining since June this past year as many persons have confined themselves to homes and several worked from home due to the deadly virus.
Longer stay at homes has pushed up the demand for knitwear things.
The export continues showing a depressing trend, reflecting the worrying scenario in the global trade, particularly in regards to to readymade garment, according to data from the Bangladesh Garment Makers and Exporters Association (BGMEA).
The latest export data published by the EPB implies that garment export in January declined 7.01 % year-over-year and woven export dropped 13.89 per cent.
"The major marketplaces of our RMG items are struggling with the strength of the pandemic," explained BGMEA President Rubana Huq.
Kazi Belayet Hossain, president of the Bangladesh Frozen Food Exporters Association, said frozen fish was sold for $12 to $12.5 per pound prior to the pandemic. Now the same level of frozen fish is being marketed for $9 to $9.5 per pound.
"The second wave has effects on the frozen fish severely."
Unfortunately, frozen fish exporters didn't get adequate loans from the government-sponsored stimulus bundle, Hossain said.
"The stimulus package should be expanded at least for one more year."
Jute and jute goods shipment rose 27.08 % year-on-year to $765.63 million between July and January. Residence textile export was up 44.34 per cent to $638.96 million.
Shipment of leather and leather products declined 5.78 % to $526.58 million, terry towel shipment slipped by 2.79 % to $23.31 million, frozen and live fish export fell 8.62 % to $308.26 million, and agricultural product shipment transpired 2.06 per cent to $591.49 million.
The overall export receipt between July and January declined 1.09 per cent year-on-year to $22.67 billion, EPB data showed.
