Bangladesh earned $4.73 billion through export in April, according to Export Promotion Bureau (EPB). According to this data, export saw a staggering 51.18% YoY growth. Comparatively, in the same period, last year's export was around $3.13 billion.
Moreover, during the July-April period of the current fiscal year 2021-22 (FY22), export earnings posted a 35.14% rise to $43.34 billion.
In April, readymade garments (RMG) exports, the major earner, grew 56.31% to $3.93 billion, of which $2.12 billion came from knitwear shipment, up 58.2% YoY, and $1.81 billion from woven exports, an increase of 54.14%. Comparatively, in April last year, Bangladesh exported RMG worth $2.51 billion, $1.34 billion from knitwear, and $1.17 billion from woven.
Bangladesh's export target is on the right track despite the Russia-Ukraine war, raw material price hike, port congestion, freight cost and other issues.
The next promising export earning sector is home textile, according to EPB data, this sector registered a growth of 39.13% to $1.33 billion, which was $956.93 million in the same period of the last FY.
Agriculture export registered a growth of 26.29% to $1.04 billion, from $824.59 million in the last fiscal year. Another sector Leather and leather also saw export growth of 32.97% to $1.01billion, which was $760.92 million in the same period of the last FY.
Furthermore, a promising export sector of the country is Engineering products. In April this sector marked a growth of 54.7% to $674.11 million from $435.74 million last year.
However, similar to past months, jute and jute products registered a fall of 6.68% to $966.51 million, which was $1.03 billion in the same period of the last FY.
Mohiuddin Rubel, director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) contributed to this export growth to the European and American markets' return to normalcy. As such entrepreneurs are seeing growing purchase orders and positive growth. He also said they are monitoring the ongoing global situation due to Russia-Ukraine.