Bangladesh’s exports earnings dropped to $3.47 billion in July this year from the $3.91 billion last year. As per a report by the Export Promotion Bureau (EPB), exports earnings dropped by 11.9 per cent year-on-year in July. Professor Mustafizur Rahman, Fellow, Centre for the Policy Dialogue attributes this decline to Eid holidays, factory closures amid lockdowns, and container congestion at the Chittagong port. However, Bangladesh is getting a lot of purchase orders being diverted from China, India, Myanmar, and Vietnam, he adds. He hopes exports will recover in August, and Bangladesh will soon return to pre-pandemic levels.

Apparel manufacturers also agree that the current dip in exports is temporary as they have enough purchase orders from retailers in the EU and the US markets. Shahidullah Azim, Vice-President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said they are very optimistic about export performance in the coming months as manufacturers receive a lot of orders from buyers right around this time of the year.

In July, Bangladesh’s export earnings from woven products declined 18 per cent year-on-year whereas that from knitwear shipments fell 5 per cent. Earnings from the jute and jute sector slumped by 41 per cent year-on-year to $60.7 million. Home textile product exports declined by 1.76 per cent to $92.36 million.

Leather and leather goods exports surged by 1 per cent to $90.5 million in July, up from $89.9 million in the same month last year.