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Export earnings fell in March due to decline in leather goods shipment

Country’s export earnings fell 1.38 percent year-on-year to $3.05 billion in March due to a decline in leather goods shipment. According to Export Promotion Bureau, in March receipts fell short of the $3.16 billion from the target for the month.

Workers at a leather good factory-Textile Today

Leather and leather goods sector, the second largest export earner after garments fetched $848.78 million in the July-March period, down 8.04 percent year-on-year. The shipment of leather and leather goods sector went down largely as the relocation of tanneries from Hazaribagh to Savar has hampered the production of leather goods.

Also Read: Gov. to establish two new leather industrial zones in Rajshahi and Chattogram

Export performance for FY 2017-18 in July-March in millions-Textile Today
Figure 2: Export earnings in billions of $ (Source: EPB).

According to industry owners, all the tanneries have been relocated, but only 25 out of 155 have so far started production in their new location.

According to EPB data, the readymade garments (RMG) sector, the highest foreign currency earner, has contributed $22.83 billion, posting a 9.11% rise in July-March. Knitwear exports rose 11.61 percent to $11.32 billion and woven garments exports increased 6.75 percent to $11.51 billion during the period.

Export performance for FY 2017-18 in July-March in millions-Textile Today
Figure 3: Export performance for FY 2017-18 in July-March in millions $ (Source: EPB).

BGMEA President Siddiqur Rahman said the higher exchange rate of the US dollar helped exports a bit. The exchange rate rose to Tk 84 a dollar, up from Tk 78 and Tk 80 previously.

According to BGMEA, Bangladesh has the highest number of green garment factories in the world. Nearly 90 percent remediation work in the garment factories has already been completed, which has brightened the image of the sector.

Now we are going to be developing country from LDC so that we should increase our growth and we have to focus on product diversification and value addition, said Tapan Kumar Saha, Managing Director, PN Composite Ltd.  Besides we will increase our mid-level management efficiency, he added.

According to EPB data, export earnings from jute and jute goods fetched $818.09 million, up 11.91 percent year-on-year.

Export earnings from, Home textile products increased 15.08 percent to $669.87 million and footwear rose 5.84 percent to $187.09 million.

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