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Country’s export earnings cross $50bn, credit goes to RMG

Bangladesh’s export earnings have touched the $50 billion mark for the maiden time according to the Export Promotion Bureau’s (EPB) unofficial data – in 27 days of June RMG sector alone exported $$3.52 billion in goods – while till July-May period of the fiscal year 2021-22, Bangladesh earned $47.17 billion from exporting goods and services making it $50.37 billion. Thanks to the readymade garments sector.

Bangladesh-export-earning-$50-billion-apparel-garments
Figure: Bangladesh’s export earnings have touched the $50 billion mark for the maiden time – thanks to the readymade garments sector.

AHM Ahsan, Vice-Chairman of EPB, said to media exports usually drop somewhat in May and June. Despite this, exports of goods exceeded $50 billion in the present FY.

This apparel export growth weathered the global inflation and the Russia-Ukraine war. With this $3.52 billion apparel exports – the leading sector has registered a near 50% export growth compared to last FY in the first 27 days of June.

Among the $47.17 billion export till July-May period the apparel export took up 82% of the total export ($3.85 billion).

According to Bangladesh Garment Manufacturers and Exporters Association (BGMEA) sources, the country’s RMG export also observed up to 39% negative growth year-on-year in three days of export out of 27 days.

In 27 days of June RMG sector alone exported $$3.52 billion in goods – while till July-May period of the fiscal year 2021-22, Bangladesh earned $47.17 billion from exporting goods and services making it $50.37 bn.

BGMEA President Faruque Hassan said, “However, the growth figures in recent months cannot be misjudged and over-generalized as the advanced economies are heading toward economic recession. Inflation in the EU and USA has crossed records. Euro is losing value against US dollars. Both global trade and economic growth forecasts by a recent report by the World Bank depict a depressive picture. So while we need to be optimistic about our trade and industry, we need to take cautious steps.”

Achieving the $50 billion export milestone is seen by policymakers, businessmen and economists as a major achievement for Bangladesh. At the same time, they say the government and the private sector need to work harder to make this progress sustainable.

“Now our main challenge is to diversify our export basket. As 80 percent of exports depend on a single product. There are enough plans and initiatives underway to transform this image,” Ahsan added.

According to various statistics, Bangladesh is now one of the top 50 exporters in the world. This position stands in the top 20 in Asia. In South Asia, Bangladesh is just behind India.

If anyone has any feedback or input regarding the published news, please contact: info@textiletoday.com.bd

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