Bangladesh has made a new record by attaining more than $5 billion in export earnings in a single month in November despite the Ukraine-Russia war.
This is the first time Bangladesh’s export earnings crossed the $5 billion mark in one month. Earlier the country earned $4.9 billion in December last year.
Authorities concerned said Bangladesh earned this record foreign currency mainly by exporting Readymade Garments (RMG). They said ahead of Christmas Day, Bangladesh exported a large number of RMG products to Western countries including the United States.
According to the Export Promotion Bureau (EPB), Bangladesh acquired $5.09 billion in export earnings in November this year which surpassed the previous record of $4.9 billion in December 2021.
Senior Commerce Secretary Tapan Kanti Ghosh told Bangladesh Pratidin that country’s entrepreneurs and businessmen were worried as the export earnings decreased in the two previous months. However, the milestone of record export earnings in November will help them to get back the confidence. Export earnings will give businesses incentives during the ongoing economic crisis.
EPB has identified some reasons for increasing these record export earnings while many owners feared closing their factories due to the supply crisis of fuel oil and gas for the Russia-Ukraine war.
The matters which EPB identified are -- (1) RMG export increased for Christmas Day, (2) Export increased to the countries outside Europe (3) Export increased to the United States by 5 per cent from 1 per cent in November,(4) and export growth has increased around 20 per cent in some developed countries including Korea, Japan, Australia, and Canada.
EPB data shows that Bangladesh exported $435 crore in October this year which is 7.85 per cent or $37 crore less than the same period the last year. The country exported woven cloths worth $207 crore and knitwear worth $160 crore in October. On the other hand, it exported oven cloths worth $239 crore and knitwear worth $199 crore in November this year. The demand has been boosted due to Christmas Day and shipments of the products have also increased for the same reason.
EPB Vice-Chairman and CEO AHM Ahsan said, “The export growth decreased in September and October. We think buyers delayed the shipments due to the war. Now they increased the shipment ahead of Christmas day. However, it is a matter of relief that Bangladesh earned record export earnings despite the global recession which is a new milestone.
Meanwhile, Bangladesh has ranked in the top position of RMG exporting countries in the European market. The country exported RMG products worth $1,537 crore in the first 8 months of the current year. The RMG export growth in Europe is 45.26 per cent. Bangladesh exported 22.89 per cent RMG products of the total exported RMG in the European market.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Md Mohiuddin Rubel said, “It is a matter of hope that we hold the export growth in the European market till August 2022 amid global inflation.”
@ The article was published on print and online versions of The Bangladesh Pratidin on December 2, 2022 and has been rewritten in English by Golam Rosul.
