Bangladesh has maintained an upward trend for exports in the new fiscal year, posting a 36.18 percent year-on-year growth in August in the face of intensifying global economic headwinds.
Exporters shipped goods worth $4.61 billion last month, 7.14 percent higher than the target, according to data released by the Export Promotion Bureau.
In July, the first month of the fiscal year, export receipts crossed $3.98 billion, a 14.72 percent increase from a year earlier.
Readymade garments, home textiles and other apparel products have played a notable role in the high growth of exports.
In the first two months of fiscal 2022-23, garment exports rose 26.1 percent to $7.11 billion from the same time last year, surpassing the $6.63 billion target.
Buoyed by last year’s earnings of $52 billion, the government has set a target of $58 billion in export receipts for FY23.
The coronavirus pandemic and the Ukraine-Russia brought about numerous trade hurdles, triggering fears of a decline in Bangladesh’s export revenues. But the South Asian nation has managed to keep those concerns at bay so far.
However, industry insiders have warned that garment exports may take a hit in the coming months as the war in Ukraine is pushing inflation in Europe and America, two of Bangladesh’s top garment export markets.
Several leaders of the BGMEA and BKMEA said last week that some western buyers are cutting back on apparel orders. Many others have also deferred the delivery of already produced goods.