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Bangladesh’s export earnings decline four per cent in February

Bangladesh’s export earnings declined 4.49 per cent year-on-year in February. Receipts for the month were 21.49 per cent less than January. The amount was also 9.64 per cent lower than the monthly target, February receipts from garment exports were 5.64 per cent lower than target. However, overall exports in July to February increased 3.22 per cent.

Apparel shipments went down due to a fall of the euro against the dollar as well as Brexit, the US elections and a decline in consumption in the West. The UK is the third largest export destination for Bangladesh. But garment shipments to the UK declined 5.19 per cent in the first half of 2016-17.

Jute and jute goods sector was one of the top export performers in the July-February period, with shipments rising 15.28 per cent year-on-year. Shipments of leather and leather goods were up 9.95 per cent year-on-year.

Furniture exports rose 16.84 per cent and exports of pharmaceuticals rose 9.94 per cent. Home textile exports increased 3.16 per cent and plastic products exports rose 39.87 per cent, riding on the back of a ten per cent cash incentive on shipments. Bangladesh’s export target for this fiscal year is eight per cent higher than the receipts in fiscal 2015-16.