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Biz World - June 29, 2022

Exports earning to cross $50b mark in FY22

Staff Correspondent: The country’s export earning is going to hit the much-expected magic figure of $50 billion in the outgoing 2021-22 fiscal year propelled by better apparel shipment despite the Ukraine war.
Total merchandise exports grew year-on-year 34.09 percent to nearly US$47.18 billion during the first 11 months from $35.18 billion in FY22, latest data from Export Promotion Bureau (EPB) showed yesterday.
The export performance surpassed July-May’s by 18.34 percent. It even crossed the $43.5 billion export target set for the whole year.
“Usually, exports fell somewhat in the months of May and June. Despite that, the current fiscal’s export earning will cross $50 billion mark,” EPB Vice-Chairman AHM Ahsan said.
He added that the final export figure may stand at $58 billion in 2021-22 fiscal year, if $8 billion earnings from service exports are added to total exports. He also expected that this trend will continue until October this year. Commerce Minister Tipu Munshi has said the government has extended all out support for enhancing the country’s exports. He expected that the exports will cross $80 billion by 2025. Out of the total exports, apparel shipment constituted 82 percent. RMG exports surged to $38.52 billion with nearly 35 percent growth year-on-year over $28.56 billion apparel export one year ago.
Apparel exporters have informed that they have already shipped $3.20 billion worth RMG in 25 days of June. If this figure is taken into account, total exports have already surpassed $50 billion mark.
Knitwear exports grew by 36.61 percent in the period to $20.99 billion while woven garment exports increased by 32.85 percent to $17.54 billion. Hometextile exports also surged by 41.3 percent 1.47 billion.
Leather and leather goods exports rose by 31.85 percent to 1.12 billion during July-May period from $846 million.
Jute and jute goods, on the other hand, slightly fell 3.19 percent to $1.06 billion from $1.09 billion a year earlier.
Frozen and live fish exports grew year-on-year by 14.1 percent to $491.62 million from $430.88 million, according to latest EPD data.

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