Export in August hit record in the Country’s history

Staff Correspondent        
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Country’s Exports fetched $3.64 billion in August, the highest in a single month in the country’s history, on the back of increased shipments of garment, frozen fish, agricultural and leather products.

According to data from the Export Promotion Bureau, August’s receipts, which comfortably beat the target of $2.90 billion, were an increase of 10.64 percent from a year earlier and 13.75 percent from a month earlier.

                         Figure-1: National export graph in billions of USD (Source: EPB)
Figure-1: National export graph in billions of USD (Source: EPB)

Leather and leather goods, which is the second-largest export earning sector, fetched $248.16 million in the July-August period, up 9.45 percent year-on-year.  Industry people also said the exports shot up in preparation of Christmas, the peak season for retailers. Earnings from footwear stood at $52.59 million, up 30.24 percent from a year earlier.

Garment, which typically accounts for more than 80 percent of the export receipts, raked in $3.04 billion last month, an increase of 11.76 percent from a year earlier.

           Figure 2: Export performance for FY 2017-18 July-August in Millions of USD (Source: NBR)
Figure 2: Export performance for FY 2017-18 July-August in Millions of USD (Source: NBR)

The EPB data showed that the earnings from RMG product exports in the two months of FY18 grew by 14.05 per cent to $5.52 billion from $4.84 billion in the same period of FY17.

“Export earnings of the garment sector showed higher growth in August because of lower growth in the last few months,” said Siddiqur Rahman, president of the Bangladesh Garment Manufacturers and Exporters Association.

Mahmud Hassan Khan Babu, vice-president of the Bangladesh Garment Manufacturers and Exporters Association, said that the export earnings’ growth in the first two months of current financial year was encouraging but it would not be wise to make any comment on the overall export situation based on only two month’s data.

“I think the export earnings growth in the month of September will register a negative growth as production and shipment remained suspended at least nine days in the month due to Eid-ul-Azha vacation”, he added.

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