Export earnings jump 30pc in October
Export earnings climbed 30.53 percent year-on-year to $3.71 billion in October compared to the same month a year ago on the back of higher shipment of garment items.
Apparels, which typically contribute more than 80 percent to the national export, fetched $3.14 billion alone in the month, according to data from the Export Promotion Bureau (EPB) released yesterday.
Overall, the country's exports rose 18.65 percent to $13.66 billion in July-October, which is 12.57 percent higher than the periodic target of $12.12 billion.
In the first four months of the current fiscal year, garment shipment grew 20.08 percent to $11.33 billion.
Garment shipments are increasing as the country is regaining the confidence of international retailers and brands on the back of the remediation and the rebounding of the US economy, exporters said.
The receipts from the garment shipment between July and October were also 11.50 percent higher than the four-month target of $10.16 billion, data showed.
“Apparel exports will grow further in the coming months as some buyers who had left earlier in excuse of safety concerns are coming back with plenty of work orders,” said Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association.
Moreover, the rebound of the US economy and depreciation of local currency against the greenback contributed a lot to the higher garment shipment.
Garment exports to the US, the country's single largest export destination, rose 5.83 percent year-on-year to $4.17 billion in the nine months to September, thanks to increasing Christmas spending and the ongoing US-China trade conflict.
US consumers will spend an average $1,007 during the holiday season this year, up 4.1 percent from $967 last year, according to an annual survey by the National Retail Federation and Prosper Insights & Analytics. The growth of the garment export to the US indicates that Bangladesh is becoming a lucrative source for American retailers and brands following the US-China trade war, as predicted by analysts earlier.
Shipments of agricultural products rose 80.37 percent to $366.53 million in July-October.
Pharmaceuticals exports were up 34.67 percent to $43.35 million, plastic products rose 33.14 percent to $39.61 million, terry towel went up by 50 percent to $18.93 million, and home textile rose 3.37 percent to $269.57 million.
Overseas sales of ceramics increased 222 percent in value to $43.65 million, engineering products by 12.48 percent to $108 million and furniture by 62.90 percent to $23 million in July-October.
However, exports of some potential sectors registered downward trends during the period.
For instance, leather and leather goods shipments were down by 19.43 percent to $345 million between July and October.
Leather and leather goods are the second largest export earning source for Bangladesh, but the sector is lagging behind because of shifting of tanneries from Hazaribagh in Dhaka to Savar.
Jute and jute goods exports, another potential sector, also fell by over 16 percent to $289 million and bicycle export declined by over 6 percent to $26.53 million.
