Export earnings drop by 7.85% year-on-year in October

Bangladesh's export earnings dropped by 7.85% year-on-year in October, said a report by the Export Promotion Bureau (EPB).

The country earned $4.35 billion from export earnings in October this year, according to the Export Promotion Bureau data. 

The export earning target for October this year was $5 billion.

In October last year, Bangladesh's export earnings were $4.72 billion.

Exports earnings in July-October of FY23 increased by 7.01% to $ 16.85 billion from $15.75 billion in the same period of FY22.

Apparel exports in July-October of FY23 grew by 10.55% to $13.95 billion (83% of total exports) from $12.62 billion in the same period of FY22.

The country has set a target of $58 billion for the current fiscal year.

Bangladesh's export earnings in October 2022 registered a negative growth for the second month in financial year 2022-23 due to the economic slowdown in the European Union caused by Russia-Ukraine war.

Experts and exporters said that the fall in exports was expected considering the present global economic volatilities.

They, however, said that the fall in export in October was not big as the earnings in the same month of 2021 witnessed a sharp jump and posted the highest ever single month earnings.

Policy Research Institute of Bangladesh (PRI) Director and Research and Policy Integration for Development (RAPID) Chairman Dr MA Razzaque said: "It was expected that exportS may decline in October, but it is not too large a fall yet as per the global economic crisis."

"Last year October the earnings saw a big jump, compared that the last month's earnings fall is marginal," he added.

Dr MA Razzaque further said that the export earnings remain above $4 billion, which is a positive sign.

Earnings from woven garments export in the four months of FY23 increased by 15.08% to $6.22 billion from $5.41 billion in the same period of the past fiscal year.

Export earnings from knitwear in July-October of FY23 increased by 7.14% to $7.72 billion from $7.21 billion in the same period of FY22.

Home textile export in July-October of FY23 increased by 5.18% to $434.16 million from $412.78 million in the same period of FY22.

Leather and leather goods export in the four months of FY23 increased by 17.42% to $428.46 million from $364.9 million in the same period of FY22.

Export earnings from leather-footwear in the period grew by 19.14% to $ 269.43 million from $226.14 million while other leather products fetched $114.11 million with a 18.51per cent growth.

Agriculture products exprot in the four months of FY23 fell by 23.81% to $353.62 million from $464.11 million in the same period of FY22.

Export of jute and jute goods, however, fell by 1.96% to $326.47 million from $332.98 million, the data showed.

Export earnings from frozen and live fish fell by 23.78% to $171.67 million from $225.23 million while the shrimp export decreased by 27.48% to $131.31mtillion in the four months of FY23.

Engineering products export in July-October of FY23 fell by 47.66% to $177.81 million from $339.73 million in the same period of FY22, the EPB data showed.