Bangladesh’s July exports rise

Reuters . Dhaka | Update:

Bangladesh’s exports in July rose 26.5 percent from a year earlier to $3.2 billion, the Export Promotion Bureau said on Wednesday, but was slightly below target.

Shipments of key readymade garments, comprising knitwear and woven items, totalled $2.48 billion for the first month of the current financial year, up 17 percent on year. That was 4.8 percent below the target.

The government has set an export target of $37.5 billion for the 2017-18 financial year, with readymade garments earning $30.16 billion. The strategic exports target for the month of July was $3.239 billion.

Exporters blamed the lacklustre growth for the previous financial year on a number of factors, including sluggish demand in key markets, structural reforms in the garment sector, a weak euro and appreciation of the local currency against the U.S. dollar.

Garments are a key foreign-exchange earner for the South Asian nation, whose low wages and duty-free access to Western markets have helped make it the world’s second-largest apparel exporter after China.

But the industry, which supplies many Western brands, came under scrutiny after a string of fatal factory accidents, including a 2013 building collapse that killed more than 1,130 people.

Last month, Bangladesh’s central bank left key interest rates unchanged, saying it was trying to balance economic growth and inflation risks.

Editor & publisher: Matiur Rahman.
CA Bhaban, 100 Kazi Nazrul Islam avenue, Karwan Bazar, Dhaka 1215
Phone: 8180078-81, Fax: 9130496, E-mail: