DHAKA, July 4, 2018 (BSS)-Country’s overall exports grew by 5.81 percent in the outgoing fiscal year (FY18) to $36.67 billion from $34.65 billion of the fiscal year 2016-17 riding on the higher shipment of garment products, according to Export Promotion Bureau (EPB).
However, the earnings are only $840 million lower than the fiscal year’s target of $37.50 billion.
Like previous fiscals, the garment sector was the driving force and helped maintain the robust growth in the FY18.
“Our export is heavily dependent on garment products and the contribution of this sector to the export is increasing day by day. For achieving higher growth, we have to explore new markets along with diversification of export products,” said general secretary of Bangladesh Economic Association (BEA) Dr Jamal Uddin Ahmed.
He suggested giving more attention to export products having scope for higher value addition.
Talking to BSS, president of Exporters Association of Bangladesh (EAB) Abdus Salam Murshedi said the garments sector performed better due mainly to political stability. He also suggested the government give policy support and incentive for diversification of export items to increase overall exports of the country.
According to the EPB’s latest data, both the export earning and growth of the garment sector surpassed the target in FY18. Export of garments products registered an 8.76 percent growth to $30.61 billion, which was 1.51 percent higher from the fiscal’s target of $30.16 billion.
In FY17, the country earned $28.15 billion by exporting garments items.
Knitwear exports rose by 10.40 percent to $15.18 billion against the target of $15.10 billion. The country exported knit products worth $13.75 billion in FY17.
Woven garments exports were up by 7.18 percent to $15.43 billion against the target of $15.06 billion. In FY17, the export earnings from woven were $14.39 billion.
Shipment of agricultural products witnessed a higher 21.79 percent growth in FY18 as the country exported agricultural items worth $673.70 million during the period. Jute and jute products witnessed a 6.56 percent growth and the country exported jute and jute items worth $1.03 billion.
Home textile items, including bed-sheets and kitchen towels, export rose by 12.15 percent to $878.60 million in FY18.
Besides, export of primary items, frozen fish, chemical products, cement, salt, stone, construction materials and ceramic items increased in FY18. But leather and leather goods sector fetched $1.09 billion, down $0.14 billion from of FY17’s $1.23 billion.