Export registers a significant recovery

Special Correspondent:The country’s exports increased by 15.1 percent year on year to $38.75 billion in the 2020-21 fiscal year, thanks to a recovery in garment shipments. The amount for the 2019-20 fiscal year was $33.67 billion.
According to figures issued yesterday by the Export Promotion Bureau (EPB), overall export receipts in FY21 were 5.47 percent below the yearly target of $41 billion.
In a month-by-month comparison, export profits increased significantly.
In last June, goods shipment earnings increased by 31.77 percent year on year, from $2.71 billion to $3.57 billion, falling 2.52 percent short of the objective of $3.67 billion.
Even during the pandemic, clothing shipping grew 12.55 percent year on year to $31.45 billion in the previous fiscal year.
Despite the double-digit rise, the total was still 6.89 percent below the $33.78 billion yearly objective.
Knitwear products accounted for $16.96 billion of the overall revenues from the garment shipping, up 21.94 percent year on year. Woven, which had been in negative territory for the previous year and a half, increased by 3.24 percent to $14.49 billion at the end of the previous fiscal year.
Home textiles had a significant increase in exports, surpassing $1 billion for the first time.
According to EPB data, earnings from home textiles increased by 49.17 percent to $1.13 billion in the previous fiscal year.
The demand for both knitwear and home textile items soared globally as people stayed at homes for a long time due to lockdown and pandemic, exporters said. The EPB data showed that the total export receipt in FY21 was 5.47% lower than the annual target of $41 billion.
Moreover, the export earnings showed a significant growth in month-wise comparison, said the EPB data.
The export earnings from merchandise shipment grew by 31.77% year-on-year from $2.71 billion to $3.57 billion in June alone last year, though it was 2.52% below the target of $3.67 billion.