Exports trickle up 1.69 percent in FY2017; growth hits 15-year low

Exports trickle up 1.69 percent in FY2017; growth hits 15-year low

SAM Staff,
General view of Bangladesh’s main sea port in Chittagong. File photo

Bangladesh exports have grown by a meagre 1.69 percent in the year to June, with its slowest pace in 15 years.

Exports fell 15.27 percent year-on-year to $3.04 billion in June, the last month of the fiscal year, according to the latest figures from the Export Promotion Bureau released on Monday.

The apparel sector, which accounts for almost 80 percent of the exports, registered only 0.2 percent growth in FY2017.

The total exports between July 2016 and June 2017 were worth $34.83 billion, 5.85 percent lower than the target set for the period.

Garment, which comprises knitwear and woven items, earned $28.15 billion, 7.34 percent below the target.

But the knitwear sector posted a 3 percent rise while earnings from woven garment exports dropped 2.35 percent.

Among the other sectors, earnings from frozen shrimp export dropped 0.56 percent.

Leather exports fell 16.3 percent but leather goods registered a 19.63 percent growth. Shoe exports also saw an 8.5 percent rise.

Export earnings rose for jute and jute products by 4.66 percent and medicine by 8.6 percent. But agricultural products earnings dropped 7.2 percent.

For FY2017, the export earnings target was $37 billion.