Bangladesh’s July-November export earnings top target

Bangladesh has posted growth in exports for two straight months, pushing the earnings in July-November period by 6.86 percent higher year-on-year.

The export earnings of over $14.56 billion in the first five months of 2017-18 fiscal year have also crossed the target by around 1 percent, according to data released by the Export Promotion Bureau on Thursday.

In November, the country earned around $2.9 billion, which is 6.42 percent more than the same month last year and 6.28 percent more than the target.

Analysts and exporters have credited the US dollar gaining on taka and measures taken by readymade garment entrepreneurs for the growth in exports. 

According to the Bangladesh Bank, the value of US dollar rose 4.5 percent in past one year and around 2 percent in last months.

The country’s export earnings bounced back to $2.84 billion in October, marking a nearly 6.5 percent growth year-on-year and around 6.3 percent more than the target.

In September, export earnings 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 government targets to export goods worth $37.5 billion in 2017-18 fiscal year.

Exports in the last financial year were $34.59 billion, which was 3.39 percent more than the previous year, but still way short of the $37 billion target.