Published in The Asian Age on Thursday, 9 June 2016
Export earnings increase by 9 percent in 11 months
Country’s export earnings increased by 8.95 per cent in the first 11 months of the current fiscal 2015-16.According to statistics of the Export Promotion Bureau (EPB), the country earned US$ 3,066.42 crore against the target of US$ 3,022 crore.
The export earnings in the first 11 months from July 2015 to May 2016 is 1.47 percent more than the target fixed. The export income in the corresponding period last year was US$ 2814.43 crore.The export earnings in the month of May this year increased by 6.54 percent compared to the earnings recorded in the corresponding period in 2015. The total export earning in May was US$ 302.69 crore against the target of US$ 311. The earning in May last year was US$ 284.11 crore.
Analysts and business people opined that constant good performance of readymade garments sector has sustained the growth in the export income.Centre for Policy Dialogue (CPD) Executive Director Dr. Mostafizur Rahman said that Bangladesh’s export sector is dependent mainly on the garments.The contribution of garments sector in the export earning is increasing day by day, causing remarkable growth of export income, he added.
To increase export earnings further, he suggested exploring new markets in addition to the existing ones and diversifying the export base without depending more on only one sector.Exporters Association of Bangladesh (EAB) President Abdus Salam Murshedi said the garment sector has turned around because of the current political stability in country.
But the export earnings from other sectors are showing negative trends, he said and sought government’s policy support for other industrial products.
He suggested reducing tax at source imposed on export-oriented garment sector in the proposed budget to sustain the existing growth in export. According to EPB statistics of last 11 months, the country earned US$ 316.34 crore from the woven garment sector against the target of US$ 272.47 crore. The growth rate in the sector is 11.96 percent.
Knit garments fetched US$ 192 crore against the target of US$ 196.77 crore. Though the sector failed to meet the target it showed a growth rate of 6.74 percent. During the period, the earnings from exports of jute and jute goods stood at US$ 82.27 crore, showing 3.59 percent growth rate. Earnings from leather and leather goods increased by 0.69 percent.On the other hand, the frozen foods sector has failed to achieve the target, showing 4 percent negative growth rate.
Export earnings from home textiles, ceramics and agricultural products have shown downward trends and failed to reach the targets too.
But export earnings from rubber, computer accessories, furniture, dry food, chemical products and other goods increased in last 11 months.