Textiles, leather shipments power growth

The country's exports income climbed a record 26.54 per cent growth in July 2017 over the same month of last calendar year.

The robust growth came after some 22 months, the state-run Export Promotion Bureau (EPB) said Wednesday.  

Proceeds from shipments of goods reached $3.20 billion in July 2017 compared to $2.53 billion in the corresponding month of 2016, according to the bureau data.

The single month earnings in July 2017, however, slightly fell short of the target by 0.99 per cent. The EBP set $3.23 billion earnings target for the month.  

The country fetched $2.75 billion in August 2015 marking a 27.73 per cent growth over that of 2014, according to the data.

Overall export earnings in the just-concluded 2016-17 fiscal year stood at $34.83 billion recording a meager 1.69 per cent growth.

Major exports like readymade garments, home textiles, leather and leather products, agricultural products and frozen and live fishes rebounded, thus boosting the overall merchandise shipments, said officials and exporters.

Earnings from readymade garment including knit and woven items amounted to $2.47 billion in July recording 17.08 per cent growth compared to the corresponding period of last fiscal.

The earnings, however, fell short of the target by 4.83 per cent.

The country fetched $1.26 billion from knitwear exports, recording 17.28 per cent growth over the corresponding month of July 2016,

Merchandise shipments stood at $1.21 billion from the woven sector, which also witnessed 16.88 per cent growth.

The earnings from knit and woven items, however, fell short of the target by 3.14 per cent and 6.52 per cent respectively set for the month, according to data.

Mahmud Hasan Khan, vice-president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), noted the higher shipments in June last due to the Eid vacation helped boost the July receipts.

He, however, said growth could not be justified analysing a single month's data.

Home-textile exports grew by 60.31 per cent to $63.77 million compared to the corresponding month of July of the last fiscal.

Export earnings from frozen and live fishes stood at $59.42 million, marking a 57.32 per cent growth.

Agricultural products, leather and leather products, plastic and furniture recorded 12.92 per cent, 26.19 per cent, 13.70 per cent and 156 per cent growth respectively, according to the monthly account of export trade.

Jute and jute goods, on the other hand, posted a 7.51 per cent negative growth with earnings of $64.53 million during the month. The earnings were 29.18 per cent less than the targeted $91.12 million.  

The government has set a total export target for the current 2017-18 fiscal year at US$37.50 billion.