Bangladesh exports continue robust run with 51% year-on-year rise in April

Bangladesh’s exports have continued to grow robustly with over 51 percent year-on-year rise in April despite the ripple effects of the Ukraine-Russia war across the globe.

Exporters sent abroad goods worth $4.73 billion last month, beating the target by around 40.7 percent, according to data published by the Export Promotion Bureau on Monday.

The latest exports have taken the total in the first 10 months of the current fiscal year to $43.34 billion, near the annual target of $43.5 billion.

Garment, which accounts for more than 80 percent of Bangladesh’s total exports, has beaten the annual target in 10 months, posting a 36 percent year-on-year increase to $35.36 billion. The annual target was $35.14 billion.

Exports in total also increased by 35.14 percent year on year in this period.

Mohammad Hatem, president of the Exporters Association of Bangladesh, said readymade garment exports are expected to cross $42 billion at the end of the fiscal year with $7 billion more in May and June.

Besides an increase in volume, a rise in the prices of raw materials, especially yarn, has contributed to the growth in exports, he said. After yarn prices doubled due to the war, the prices of end products were also raised, he explained.