Exports plunge deeper in May as Bangladesh prepares to unveil new target in budget

The 11-month total, however, posts an over 2 percent growth year-on-year

After nearly 1 percent year-on-year fall in April, Bangladesh’s exports have plunged by 16.06 percent to $4.07 billion in May over the same month last year.

The Export Promotion Promotion Bureau published the latest data on Wednesday, as the government is preparing to unveil a new annual target in the national budget for the 2024-25 fiscal year.

The exports also missed the target for May by 23.75 percent.

The latest earnings from exports sent the 11-month total to $51.54 billion to miss the target by nearly 8.5 percent.

It means Bangladesh will need to export goods worth around $10.5 billion in June, the last month of the fiscal year, to achieve the $62 billion annual goal.

The 11-month total, however, has posted an over 2 percent growth year-on-year.

The readymade garments sector, which contributes more than 80 percent of the total exports, also slipped by around 17.2 percent to $3.35 billion in May.

A director of the Bangladesh Garment Manufacturers and Exporters Association said a fall in imports by major markets the US and the European Union led to the disappointing results.

“Production cost is rising, which is causing a decrease in our competitiveness in the global market,” the director said.