Bangladesh’s export earnings post 38% growth in September

Coupled with strong recovery in the apparel shipment, Bangladesh’s exports rose by 38 per cent to $4.16 billion, the highest ever in a single month.

 According to the Export Promotion Bureau (EPB) data, in September Bangladesh export shipment recorded a 37.99 per growth to $4.16 billion, which was $3.01 billion in the same period of last year.

During July-September period of FY22, Bangladesh earned $11.02 billion, which was 11.37 per cent higher compared to $9.9 billion in the same period of last year. 

Of the total exports, $9.05 billion or 82.20 per cent came from the apparel exports, which was $8.12 billion in the same period a year ago.

Out of $9.05 billion, knitwear products fetched $5.16 billion, up by 11.48 per cent compared to $4.46 billion in the same period of last year.

Woven products earned $3.9 billion, up by 15.69 per cent, which was $3.66 billion a year ago.

“Prices of raw materials including accessories and fabrics and charge of freight increased sharply, coupled by the rise in raw material price, unit prices of clothing products rose,” Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan told The Business Post.   

“With the ease in Covid-19 situation, global retailers placed more work orders.” 

On top of that, buyer’s confidence on Bangladesh boosted with the timely delivery of goods. This was because of government support running factories amid the pandemic, where exporters had to comply with safety guideline to ensure workers safety, said Faruque.

Though the total exports increased but profit margin did not follow the growth as cost of production went up caused by soaring prices of raw materials, he furthered.