In 9 months, Bangladesh’s exports touch full FY21 figure

Merchandise exports rose to $4.76 billion in March, up nearly 55 percent year-on-year, due to a sharp growth in shipment of readymade garments and home textiles, according to data released by the Export Promotion Bureau (EPB) on Monday.

Data shows exports during the July-March period of fiscal 2021-22 grew over 33 percent to $38.6 billion, slightly down from $38.75 billion in the entire FY21.

The trend shows that Bangladesh’s merchandise exports could touch $50 billion at the end of this fiscal despite the Covid-19 pandemic and the Russia-Ukraine war.

According to EPB data, apparel products – knitwear and woven – accounted for $31.42 billion or 81.4 percent of total export earnings in the first nine months till March of the current fiscal year.

After knitwear and woven items, textile was the only product that earned over $1 billion in nine months.

“We believe that Bangladesh will be able to earn $50 billion from exports this fiscal year,” said an official of EPB.

Though the country’s exports rose over 15 percent to $38.75 billion in FY21, it fell short of the target of $41 billion set by the commerce ministry due to the fallout of the coronavirus pandemic.

“This year’s export so far is very good considering the impacts of the pandemic,” said Shahidullah Azim, vice president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).