Bangladesh exports slump 10% in September

Bangladesh’s exports, like its foreign remittance, have slumped in September. 

Abdur Rahim Badal Chief Economics Correspondentbdnews24.com
Published : 8 Oct 2017, 03:07 PM
Updated : 8 Oct 2017, 03:07 PM

Export earnings last month dropped to $2.03 billion, which is around 10 percent less than the same month last year.

It also missed the target by 28 percent.

The rise in exports in July and August helped Bangladesh post a 7.23 percent growth in the first quarter of 2017-18 fiscal year, but missed the target by around 3 percent.

Bangladesh exported goods worth $8.66 billion in July and August.

In the first quarter, readymade garment sector contributed to around 82.5 percent of total exports, with a nearly 10 percent growth.

After the Export Promotion Bureau published the data on Sunday, Bangladesh Garment Manufacturers and Exporters Association’s Senior Vice-President Faruque Hasan told bdnews24.com that the exports dropped in September because the factories were closed for eight to 10 days during Eid-ul-Azha.

He fears more drop in export earnings in October.

“Our competitors like India, Vietnam, and Cambodia are giving many incentives to the garment sector for raising exports. Our government should also pay more attention to this sector,” he said.

The BGMEA leader added it would be ‘challenging’ to maintain growth as garment prices were dropping in the global market.

The government has set a target to export goods worth $37.5 billion in 2017-18 fiscal year.

Exports in the last financial year amounted to $34.59 billion, which was 3.39 percent more than the previous year, but against a target of $37 billion.

In September, remittance also dropped 39 percent to $853 million, which is the lowest in five and a half years, after starting the fiscal year with rises in July and August.