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Bangladesh’s apparel exports record poor growth this year

Bangladesh’s apparel exports has grown only 0.2 per cent in fiscal year 2017. Total exports between July 2016 and June 2017 were 5.85 per cent lower than the target. Garment exports, which comprise knitwear and woven items, earned 7.34 per cent below the target.

The knitwear sector posted a three per cent rise while earnings from woven garment exports dropped 2.35 per cent. Among other sectors, earnings from frozen shrimp exports dropped 0.56 per cent. Leather exports fell 16.3 per cent but leather goods registered a 19.63 per cent growth. Shoe exports also saw a 8.5 per cent rise. Export earnings rose for jute and jute products by 4.66 per cent and medicine by 8.6 per cent. But agricultural product earnings dropped 7.2 per cent.

Bangladesh’s overall exports have grown a meager 1.69 per cent this year upto June, with its slowest pace in 15 years. The apparel sector accounts for almost 80 per cent of the country’s exports. Bangladesh’s imports between July 2016 and May 2017 were 11 per cent higher than in the same period of fiscal 2015-16. On the other hand, exports rose 3.8 per cent year-on-year in the July-May period.

Meanwhile, foreign direct investment has increased in Bangladesh, particularly in energy, telecom and the stock market.