Bangladesh’s export earnings grew 3.97 per cent year-on-year from July to March period of current fiscal year. Garment shipments, which contribute nearly 82 per cent to total national exports, increased 2.39 per cent during July-March compared to the same period a year ago.
However, earnings from garment exports were 5.98 per cent lower than the July-March target. Apparel shipment went down due to various factors. Though the UK is the third largest export destination for Bangladesh, exports began declining because of Brexit. Garment shipments to the UK fell 5.19 per cent in the first half of fiscal 2016-17.
Similarly, apparel exports to the US, the single largest export destination for Bangladesh, declined because of a volatile economy after national elections. Jute and jute goods performed well in the July-March period, as exports grew 13.94 per cent. Shipments of leather and leather goods were up 8.41 per cent year-on-year. Furniture exports rose 18.21 per cent and pharmaceuticals 9.44 per cent.
Shipment of home textiles increased 4.68 per cent and plastic products 36.76 per cent, riding on the back of a ten per cent cash incentive on shipments.