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Published : 02 Jan 2025, 09:36 PM
Bangladesh's export revenues surged by 18 percent in December, primarily propelled by the ready-made garment, or RMG, sector.
The sector recorded a 17.45 percent growth as stability returned to the industry.
The Export Promotion Bureau, or EPB on Thursday reported that the country earned $4.627 billion in December 2024, up 17.72 percent from $3.93 billion in December 2023.
This follows a 20 percent growth in October and a 15.63 percent rise in November, indicating a steady recovery in export performance amid a politically tumultuous year.
In the first half of the 2024–25 fiscal year, Bangladesh exported goods and services worth $21.74 billion, marking a 12.84 percent growth compared to $19.27 billion during the same period in the previous fiscal year.
The RMG sector, which remains Bangladesh’s primary export earner, accounted for $3.77 billion in earnings last December, up from $3.21 billion in December 2023, reflecting a 17.45 percent growth.
Between July and December, RMG exports reached $19.88 billion, compared to $17.55 billion in the same period the previous year, showing a 13.28 percent rise.
The July unrest surrounding anti-government movements disrupted production in the country. Internet services were suspended for at least five days, isolating Bangladesh from the global market.
The situation worsened after the government’s fall on Aug 5, leading to deteriorating law and order.
Garment hubs like Gazipur and Savar saw widespread labour unrest in September and early October, severely disrupting production.
During this period, reports indicated that 15 percent to 20 percent of export orders were cancelled.
The situation was termed an “economic nightmare,” with workers from factories, including Beximco, frequently taking to the streets demanding wages.
Despite these adversities, the EPB highlighted the export recovery as a silver lining.
For its calculations, the EPB pegged the exchange rate at Tk 119.43 against the US dollar.
