Export earnings from US on the rise

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 DHAKA, Feb 25, 2018 (BSS) – Export earnings from one of Bangladesh’s key destinations, the USA, witnessed a slight 1.66 percent growth during this first half (July-December) of the current fiscal (FY18) compared to the same period of the previous fiscal (FY17) due to the good performance of the RMG.

Bangladesh exports to USA totalled $2,902.90 million in this July-December (2017-18) compared to $2,855.48 million during the corresponding period of the previous fiscal (2016-17). The amount represents 16.20 percent of the country’s total export earnings during the period.

According to the statistics compiled by the Export Promotion Bureau (EPB), the major exports to the US market during this July-December period were woven garment ($1,882.86 million), knitwear ($717.38 million), home textiles ($69.55 million) and cap ($65.14 million).

During the period, around 26.23 percent of the country’s total woven garment exports entered the US market, followed by knitwear 9.45 percent and home textile 14.20 percent.

Despite political unrest, Bangladesh’s export earnings from the US in fiscal 2014-15 were impressive with $5.783 billion up from $5.583 billion in fiscal 2013-14.

Export earnings from the USA, however, witnessed a 6.01 percent fall during last fiscal (2016-17) compared to the previous fiscal year (2015-16) mostly due to the moderate performance of the RMG sector.

Bangladesh exports to USA totalled $5,846.64 million in the last fiscal (2016-17) compared to $6,220.65 million during the previous fiscal (2015-16).

The exports in fiscal 2012-13 were also impressive with $5,419.60 million. The export in 2011-12 was also laudable totalling $5,100.91 million, slightly down from $5,107.52 million in fiscal 2010-11.

The export earnings in fiscal 2009-10, however, totalled $3,950.47 million, down from $4,052.00 million in 2008-09, mostly because of the global economic recession. The 2009-10 fiscal marked the end of an ups-and-down period for Bangladesh exports to the US.

From the robust $2.5 billion during the 2000-01 fiscal, exports had fallen below $2 billion by 2003-04. Exports to the US rose steadily to cross the $3 billion mark in 2005-06, and peaked at nearly $3.6 billion during the 2007-08 fiscal.

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