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8 October, 2019 11:19:23 AM
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Export earnings dip by 7.3pc in Jul-Sep of FY20

Sports Reporter, Dhaka
Export earnings dip by 7.3pc in Jul-Sep of FY20

The country’s export earnings fell by 7.30 per cent to $2.92 billion in July-September of the 2019-20 fiscal year due to lower shipments of apparel items. The earnings were $3.14 billion in the same period in the last FY.

According to the Export Promotion Bureau (EPB), export earnings from the

RMG sector in July-September fetched $8.05 billion, a decrease by 1.64 per cent from $8.19 billion earned in the same period of the

2018-19 FY.

Exporters said RMG exports fell by 1.64 per cent this August 2019 because most of the factories were closed for at least seven days during Eid holidays. Moreover, some factories were even closed for 12 days, affecting the export performance, they added.

The exporters, however, expressed hope that the quantity of orders will pick up, particularly in the knit sector, due to a knock-on effect of the US-China trade war.

“We invested around $4 billion to upgrade workplace safety and curb occupational health hazards. The depreciation of our currency against other foreign currencies has also helped businessmen, especially those in export business, to earn more money,” Faruque Hassan, former senior vice-president of Bangladesh Garment Manufacturers and Exporters’ Association (BGMEA) told The Independent.

Hassan, managing director of Giant Apparels Ltd, informed that 90 Bangladeshi RMG factories have received the Leadership in Energy and Environmental Design (LEED) certification from the US Green Building Council (USGBC). This modernisation of the industry will boost the confidence of foreign buyers, he added.

According to EPB

Woven products earned USD 2.79 billion in July-August of this fiscal year 2019-20, marking a 0.94 per cent negative growth from the same period in the previous fiscal year which was USD 2.82 billion. The Knitwear industry earned around $2.92 billion during the same time, up by 0.27 per cent from the same period last year which was $2.91 billion.

As for the other sectors, EPB said the export of agricultural commodities such as tea, vegetables and tobacco registered a negative growth of 10.03 per cent and fetched $262.57 million in the first three months (July-September) of the 2019-20 FY.

EPB officials said the export of leather and leather products was also sluggish, with the sector registering a negative growth of 5.06 per cent.

According to EPB data, the growth rate of jute and jute goods exports has bounced back to 1.84 per cent. This sector earned $220.85 million in July-September in the current FY as compared to $216.87 million in the same period in 2018-19.

Industry insiders said India has slapped anti-dumping duty on jute sacking cloth from Bangladesh, triggered by a spike in its import following the imposition of a similar duty on sacks and products in 2017.

EPB data revealed that the growth of furniture exports has decreased and reached a negative growth of 4.77 per cent. This sector earned $17.17 million in July-September.

HM

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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