Bangladesh exports up 9 percent in July-February of 2015-16, thanks to garments

Bangladesh's export earnings grew by 14 percent in February, thanks to garments.

The growth was 10.41 percent in January.

In the first eight months (July-February) of the 2015-16 fiscal year, the export earnings rose by around 9 percent, over 2.35 percent more than the target.

Finance Minister AMA Muhith and garment traders' organisation BGMEA chief Siddiqur Rahman hoped the export growth will exceed 10 percent in the 2015-16 financial year.

According to the Export Promotion Bureau, Bangladesh exported goods worth over $22.12 billion in the July-February period.

The garments sector contributed over $18.12 billion to the earnings, accounting for 82 percent of total exports.

The national budget had set an export target of over $21.61 billion for this period.

The exports totalled over $20.31 billion in the same period last year.

In February this year, the exports were over $2.85 billion, 5 percent more than the target. The amount was over $2.51 billion in February, 2015.

Finance Minister Muhith told bdnews24.com the growth in export had given the economy a firm base.

"This is happening because of the joint efforts of exporters and the government. The government is giving incentives for the growth of export, while exporters are exporting goods to new markets," he said.

"No other country will be able to export high quality garments at cheap rates like us. So, our exports will keep growing," he added.

BGMEA President Rahman said, "There is no violence. No problem in export, import. The crisis of gas and power has almost gone. The economies of our markets in the US and Europe have also turned around."

He said it would be possible to achieve the $50 billion garment export target by 2021 if the current stability sustains.