Export earnings in May 2024 recorded negative growth of over 16 per cent, reaching US$4.07 billion.
Data released by the Export Promotion Bureau (EPB) on Wednesday revealed that May 2024 earnings also fell short of the target by 23.75 per cent.
The government had set a target of $5.33 billion in earnings for May this year.
The earnings from the overall export trade of the country during the past eleven months (July to May) of the current fiscal year (FY24) marked a slow growth, increasing by 2.01 per cent to $51.54 billion.
However, the earnings fell 8.47 per cent short of the target set for the period.
And during the July-May period of FY 2022-23, Bangladesh earned US$50.52 billion, the EPB data showed.
Out of the total $51.54 billion earnings during the July-May period of FY24, readymade garment (RMG) fetched $43.85 billion, marking a 2.86 per cent year-on-year growth.
The country’s export earnings witnessed a 2.01 percent growth in the first eleven months from July to May of the current fiscal 2023-24 (FY24) raising the total volume to US$ 51.54 billion.
During the July-May period of the last fiscal, the total export earning was $50.53 billion.
According to data released by the Export Promotion Bureau (EPB), the overall earnings stood at $4.07 billion in May.
The apparel sector, the country’s lion shareholder, earned up by 2.86 percent year-on-year to $ 43.85 billion during the July-May of the fiscal 2023-24 from $42.63 billion during the same period of the fiscal year 2022-23.
The export of knitwear was $ 24.70 billion, with an increased growth of 6.15 percent, while woven garments $ 19.14 billion, with a declined growth of 1.09 percent.
Bangladesh earned $55.55 billion in export earnings in fiscal year 2022-23, seeing a narrow growth of 6.67% year-on-year growth on the backs of the apparel sector, according to recent data by the Export Promotion Bureau (EPB).
The country’s export earnings crossed the milestone of $50 billion for the second consecutive fiscal year. It previously earned $52.08 billion from export earnings in FY22.
However, Bangladesh earned 4.28% less than the export target, which was set at $58 billion, due to the lukewarm demand, ongoing economic turmoil, geopolitical crisis, and inflationary pressures in the destinations.
Apart from the readymade garments (RMG) sector, alarmingly most of the notable export sectors like leather, jute, home textiles, agricultural products, and engineering products saw negative growth in FY23.
In the single month of June during FY23, Bangladesh earned $5.03 billion, fetching a narrow growth of 2.51%, from $4.9 in June of the last FY.
In FY23, the RMG sector, the highest earner of export receipts, earned $46.99 billion, registering a moderate y-o-y growth of 10.27%, which was $42.61 billion in the last fiscal.
