Dhaka,  Saturday
20 April 2024

Exports hold strong at $5b mark for 4 months

Staff Reporter 

Published: 08:17, 3 April 2024

Update: 11:31, 3 April 2024

Exports hold strong at $5b mark for 4 months

Photo : Messenger

Despite inflationary pressures from all sides, the country's exports have been maintaining the $5 billion mark for four consecutive months, which is a very impressive achievement, especially for garment exporters.

According to the Export Promotion Bureau (EPB), in March, Bangladesh's exports fetched $5.10 billion, growing by 9.88 percent in the global market amid the ongoing economic slowdown.

Experts believe that the steady rise in exports for four consecutive months is good news for the country and may ease the country's dollar crisis.

Mohiuddin Rubel, Director of the Bangladesh Garment Manufacturers and Exporter Association (BGMEA), told The Daily Messenger, “The overall growth in RMG export is not up to the mark and not bad either. However, the recent trend in trade reflects a depressing scenario in the retail business and economy, which might continue throughout this year.”

He added, “The positive side for Bangladesh is that we are gradually diversifying our products and moving toward sophisticated items, which is reflected in the growth. After 3 months, the growth has inclined, and this is the fourth time in a single month that our RMG exports have crossed $5 billion.”

The country's exports returned to the $5 billion mark after a year in December, buoyed by the major export sector, readymade garments. Earlier, in November 2022, Bangladesh entered the $5 billion export club, and in December 22, Bangladesh fetched $5.36 billion from the global market. EPB data shows that exports in January were $5.72 billion and in February, they were $5.18 billion.

According to the data, exports stood at $43.55 billion and grew by 4.39 percent during July-March. Of these, ready-made garment exports recorded $37.20 billion in the mentioned period while leather and leather goods exports stood at $794.19 million, declining by 13.65 percent. Agricultural product exports increased by $715.84 billion and grew by 5.6 percent.

Manufacturing product exports increased by 4.52 percent, plastic products by 18.16 percent, rubber by 10.44 percent, man-made filament by 12.98 percent, and footwear by 7.67 percent.

During the seven months, total exports of the country aggregated in July-March; live fish exports rose by 100.89 percent, tea by 64.74 percent, vegetables by 70 percent, spices by 3.87 percent, and manufactured exports rose by 4.52 percent, while jute and jute goods exports declined by 5.6 percent, and home textiles declined by 25.98 percent.

However, trade leaders are depressed as the target was missed by 5.86 percent in March. The target set for March was $46.26 billion.