Bangladesh closes out 2021 with record $4.9bn exports in December

Bangladesh's exports have scaled new heights in 2021 on the back of a lucrative holiday shopping season in the West, injecting fresh impetus into the economy as it shakes off a pandemic-driven slowdown.

More than $4.9 billion worth of goods were shipped in December, a monthly record, propelling the overall export earnings to $39.14 in 2021, according to data published by the Export Promotion Bureau on Sunday.

Exporters claim they have never shipped as many products in a calendar year as they did in 2021. And, the EPB data backs up their claim.

The pandemic caused the export market to stumble in 2020, with Bangladesh's export earnings totalling $33.6 billion. But exports increased by 16.46 percent in 2021.

Readymade garments contributed to about $20 billion, or more than 80 percent, of the total exports in the July-December period, as the holiday season in the West continued smoothly for the most part, barring some disruptions towards the end due to fears of the spread of omicron, a highly infectious but less severe coronavirus variant.

Exports by the apparel sector grew over 28 percent and exceeded the target by nearly 15.2 percent.

The Chattogram port is all but fully operational after recovering from the crisis caused by the coronavirus outbreak. Photo: Suman Babu

The overall export growth in the first six months of the current fiscal year is also unprecedented, according to exporters.

Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association, said that the export earnings in December alone were the highest of any month.

He said these records are an indication of a robust export sector, including the garment industry.

"This is the result of long-term preparations. We believe that this trend will continue in the future. "

In December, exports grew 48.27 percent year on year, exceeding the target by 25.45 percent after a steady spell in the preceding months.

Exporters shipped $4.04 billion worth of goods in November after posting exports of $4.73 billion in October, the previous record, and $4.16 billion in September.

The shipments in December took the overall earnings in the first six months of the fiscal year near $24.7 billion, growing 28.41 percent year on year and exceeding the target by 15.5 percent, according to EPB data.

The government set an export target of $43.5 billion for FY22.