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Bangladesh exports withstands Brexit fallout

Although the referendum to exit the European Union had sent major shocks for shipments from Bangladesh, Britain's almost certain exit from the European Union did not impact on Bangladesh's export receipts, according to last four months' trade data. There was concern after the referendum in the UK that produced overwhelming ayes on the question of breaking away from the EU. But recent data shows so far there has been no impact however, the government will observe further whether it will impact trade in the near future. According to the Ministry of Finance, the referendum result did not to have a major effect on exports from Bangladesh.

Demand for Bangladesh's products in the EU market and in other parts of the world is more or less immune to any kind of changes. Exports had grown by 10.8 per cent in the EU zone, one of the key export destinations for Bangladesh and just 10 per cent on the US market.

Woven garment shipments rose by 2.38 per cent dung the first quarter on average, knitwear at 4.64 per cent and leather as well as leather goods at 16.69 per cent, the official documents revealed. The government also kept unchanged the revised export-shipment growth at 10 per cent for the current fiscal year. Exports fetched the country $10.79 billion in the first four months of the current fiscal until October, with the growth rate calculated at 6.53 per cent. The growth accounts for over 29 per cent of $7 billion target for the period.