Bangladesh exported goods and services worth a record $55.56 billion in the just-concluded 2022-23 fiscal, an increase of 6.67 percent year-on-year even amid the global economic slowdown, the Export Promotion Bureau (EPB) revealed on Monday.
Exports increased by $3.47 billion or 6.67 percent in FY23 compared to FY22, when the export earnings were $52.28 billion.
The FY23 figure is the highest in the history of the country. However, the target for the fiscal year was $58 billion. Exports fell short of that target by 4.21 percent or $2.44 billion.
The EPB data showed that in June, goods worth $5.03 billion were exported. Compared to June last year, this export was 2.51 percent higher.
The country’s economy has been under pressure due to the dollar crisis. And the main two sources of foreign exchange income are expatriate income remittances and the export of goods. Foreign exchange inflows from both sources fell slightly late last fiscal year due to the Russia-Ukraine war. But later it turned around again.
In FY23, remittances received were $21.61 billion, which saw an increase of 3 percent compared to the previous FY22.
EPB data showed that exports of readymade garments, plastic products, and non-leather footwear have increased in the outgoing fiscal year.
On the other hand, exports of leather and leather products, jute and jute products, frozen food, agro-processed products, home textiles, and engineering products have declined.
According to EPB data, readymade garments exports were worth $46.99 billion in the just-ended fiscal year. This export is 10.27 percent more than last fiscal year FY22.
The second highest exports of leather and leather products after ready-made garments were $1.22 billion. In this case, the export decreased by 2 percent.
