Export earnings grew by unprecedented volume in July this year breaking past records. It brought home record amounts in July at a time the country needs more foreign exchange to stabilize external balance of payment.
Last month, overseas shipments fetched $3.89 billion, up 8.66 percent year-on-year basis, according trade figure of the Export Promotion Bureau. The amount also exceeded the month’s target by $60.86 million.
The amount even crossed the highest single month export earnings of $3.81 billion in in May this year.
Of the sum, garment shipments fetched $3.31 billion, up 9.60 percent year-on-year and $97.48 million more than the target for the month.
“This is a peak month and therefore it is not unnatural for exports to grow,” BGMEA president RubanaHuq said confirming the development. This may a result of the US-China trade war when more export orders are coming to Bangladesh to replace China as a major source of import.
The growth in value terms gives a partial picture of the garment trade, said Asif Ibrahim, vice-president of Newage Group, a leading garment exporter.“We should look at it from the value-addition point of view as well,” he said.
“For now, I think this is a reflection of pre-Eid hurried shipments, and growth in August may not be good,” he fears.
Leather and leather products, the next great export hope, also fared well. It raked $106.10 million, up 16.39 percent, and $14.17 million more than the target.
Frozen and live fish exports rose 1.54 percent to $41.60 million, tea 52.00 percent to $0.38 million, vegetables 34.94 percent to $8.38 million, pharmaceuticals 29.95 percent to $11.41 million, plastic goods 37.33 percent to $12.95 million, handicrafts 53.28 percent to $1.87 million and jute and jute goods 0.83 percent to $74.88 million.