Bangladesh exports grow at 2.98 percent in nine months despite opposition unrest

Bangladesh have exported more in the first nine months of the current fiscal year, beginning on July 1 last year, than it did over the same period in the previous FY, despite widespread political violence in the past three months.

According to the Export Promotion Bureau (EPB), the country earned $22.9 billion from exports during July-February period of the 2014-15 FY against $$20.31 billion in the previous corresponding period.

The earnings represent a 2.98 percent growth but have nonetheless fallen short of target.

Exporters and economists say the return of political stability will have a positive impact on exports, though the growth rate may still miss the 5 percent goal.

EPB Vice-Chairman Subhasis Basu said Bangladesh clocked 7.43 percent export growth in March over the same month last year.

He told bdnews24.com year-on-year growth was 5.15 percent in February.

The growth was 2.43 percent in July-February and 2.06 in July-January periods.

“These statistics prove that the trend of our export growth has persisted despite so many deterrents,” Basu said.

Apparel exporters’s forum BGMEA President Atiqul Islam said: “The 10 percent growth target set for woven garments would have been achieved had there been no unrest in the country.”

“Now it seems that the growth will be 3-4 percent,” he told bdnews24.com.

Islam, however, thinks reaching the 3-4 percent growth in the face of so many hindrances ‘is no mean feat’.

He hoped exports would continue to rise in the remaining three months of the current FY.

The BGMEA chief said the political violence damaged Bangladesh’s image among international importers.

He sought cooperation of all to attain a $50 billion export target by 2021, the fiftieth anniversary of Bangladesh’s independence.

Bangladesh Institute of Development Studies (BIDS) Research Director Zaid Bakht told bdnews24.com the export growth the country had achieved amid the political unrest ‘is not bad’.

But he said the impact of the last three months’ unrest would be visible on exports ‘six months or one year later’.