Exports slip slightly
Merchandise shipment declined 0.36 % year-on-year to $19.23 billion in July-December 2020 as Bangladesh's major export places continued to struggle to tame the rising coronavirus infections, official info showed.
Earnings from the attire shipment, which typically contributes 84 % to the national exports, dropped 2.99 % to $15.54 billion, according to data from the Export Advertising Bureau (EPB).
Of the export receipts, $8.52 billion originated from knitwear shipment, up 3.9 per cent from this past year. Woven exports declined 10.22 % to $7.01 billion.
Regardless of the pandemic, the knitwear shipment rose as persons mostly wear casual dresses as they stay indoors and work from home because of medical crisis.
Merchandise exports in December declined 6.11 % year-on-year to $3.3 billion. Last month's receipts were 6.13 % shy of the monthly export target of $3.5 billion.
Garment export was straight down 9.64 % found in December as the pandemic continues to batter the global overall economy.
Last month, woven garment export published the worst performance since June plummeting 18.07 %. Knitwear export fell 0.45 %.
General, the garment export witnessed an unprecedented 16.94 per cent year-on-year decline in 2020, according to exporters.
"Given the effects of the lockdowns found in Europe and the US and their impact on retail and demand, the worst-ever Christmas revenue, and the result of cost decline, it was a dark season for the market," said Rubana Huq, president of the Bangladesh Garment Makers and Exporters Association.
"While the uncertainties and stresses due to the second wave persist in conjunction with the relatively poor administration and unavailability of vaccines, and the effect on global economy it could leave, this downtrend found in exports will probably continue until April."
Mohammad Hatem, senior vice-president of the Bangladesh Knitwear Makers and Exporters Association, attributed extra extended homestay by persons for the higher export of knitwear things.
He said the costs of knitwear items made in Bangladesh were lower in comparison to those far away. "Consequently, purchasers have continued their business with Bangladesh even through the pandemic."
In the event of knitwear items, the shorter lead time is a significant factor, he said.
Knitwear manufacturers may secure the raw materials for knitwear products easily from the neighborhood markets. In most of raw materials had a need to manufacture woven garments, suppliers have to depend on imports.
Revenue from the shipment of household leather and leather goods, the second-largest forex earning sector, slid 6.24 % to $446.13 million. Jute and jute goods fetched 30.56 % higher at $668.11 million.
Export of home textile, bicycle, agricultural goods and pharmaceuticals grew in the first half of the fiscal time.
Frozen and live fish export declined by 3.71 % to $279.72 million, EPB data showed.
