DHAKA, June 2, 2022 (BSS) - The country's export earnings maintained its positive trend with a healthy 34.09 percent growth during the first eleven months (July-May) period of the current fiscal 2021-22 (FY22) totaling US$ 47.17 billion.

The eleven-month export figure is also 18.34 percent higher than the strategic target of $39.86 billion, according to data released by the Export Promotion Bureau (EPB).

During the July-May period of the last fiscal, the export earnings were $35.18 billion.

The EPB figures showed that the single-month export earnings notched a 23.24 percent growth in May this year totaling $3.83 billion compared to $3.11 billion fetched in May last year. 

As per the EPB data, during the July to May in the FY2021-22, overall RMG export grew by 34.87 percent to $38.52 billion which was $28.57 billion dollars in July-May, FY 2020-21. The export of knitwear was $20.99 billion, while woven garments were $17.53 billion.  

Talking to BSS, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Md Mohiuddin Rubel said, "If we look at the export of a single month May, the RMG export was 3.15 billion dollar with 23.53 percent growth compared to May 2021." 

"The growth in May is less compared to the previous months and the overall export growth is showing a continuous positive trend which is really inspiring, but there are certain challenges we are facing currently," he added.

He observed that due to the ongoing Russia-Ukraine conflict, increased raw material price and the prevailing energy situation are making the situation complicated. 

Moreover, he said, during Covid-19, people had to stay at home for a long period. So, after the lockdown ended they are shopping more which is one of the reasons behind this unusual growth in the previous months, he added. 

But, he said, currently the scenario has started to come to a normal level. 

Also, due to increase in price of materials, countries are facing inflation problem, he added. 

He mentioned, "What we foresee is that order volume is not like how we have seen in previous few months, growth is slowing down, May export data already shows the decline in growth. We need to work on how we can retain the growth pace in longer term." 

"Though price is slightly better but not at par with our increased cost of production. We need to focus more on improving efficiency (both process efficiency and workers efficiency), modernize our factories and develop skills," he added.