Bangladesh’s July exports drop 11%

Bangladesh’s earnings from export has dropped around 11.2 percent to nearly $3.5 billion year on year in July, the first month of FY22

The exporters also missed the target of about $3.73 billion by 6.85 percent, according to data published by the Export Promotion Bureau on Tuesday.

The readymade garment industry, which contributes most to the exports, also dropped by 11 percent to $2.88 billion compared to July 2020,  missing the target of $3 billion by 4 percent.

The drop in apparel exports is marked by 17 percent less earnings from woven products than the target. Knitwear products missed the target by 5 percent.

Exporters could not explain the slump as the latest data comes after the revelation that Bangladesh lost its crown as the second largest apparel exporter to Vietnam in 2020.

“Some exports” were hampered due to the Eid-ul-Azha holidays and coronavirus lockdown while container logjam at the port delayed some deliveries, said Syed Nazrul Islam, senior vice-president of the Bangladesh Garment Manufacturers and Exporters Association.

He added they will analyse the data to find out the reasons behind the drop in exports.

Besides garments, agricultural products, frozen fishes, handicraft, jute products are among the sectors that saw a decline in exports.

Leather and leather goods earned Bangladesh $90 million in the month, bearing the target of $88 million, but jute and jute products could bring $60 million, or half the target.