Wednesday, June 19, 2024

Export earnings up 11pc, fall $1b short of target

The country’s export earnings fell $1 billion short of government-set target standing at $27.01 billion in the just concluded financial year 2012–2013, according to
Export Promotion Bureau data released on Tuesday.
The year-on-year growth of export, however, increased to 11.18 per cent in the FY 2013 from 5.99 per cent in the FY 12 as the export of main item readymade garment posted a moderate growth rebounding from the lower growth a year ago.
Export earnings up 11pc, fall $1b short of targetAlthough the export earnings fell 3.51 per cent short of target of $28 billion in the FY 13, experts and exporters expressed satisfaction over the export growth considering the volatile political situation, factory disasters and lack of infrastructure in the country and slowing market in Europe and the United States.
They stressed on necessary initiatives to avoid factory incidents like Rana Plaza collapse and Tazreen Fashions fire in order to sustainable export growth.
The export figure was $24.28 billion in the FY 12, $22.93 billion in the FY 2011 and $16.20 billion in the FY 10.
EPB data showed that the earnings from main export item RMG that included woven and knitwear increased by 12.73 per cent to $21.51 billion in the FY 13 from $19.08 billion in the FY 12.
Experts said that although the fire incident at Tazreen Fashions that killed 112 workers in November 2012 had an impact on the RMG export in the current FY, the affect of the biggest factory disaster of Rana Plaza collapse in April this year would have impact in the next FY.
‘Factories usually get orders five to six months before delivery. So, the impact of Rana Plaza collapse that killed more than 1,100 workers and got attention from across the globe, will be seen from September–October,’ said a BGMEA leader.
Centre for Policy Dialogue executive director Mustafizur Rahman told New Age that it was a good sign that the annual export earnings had reached in double digit as the export of woven garments was better and the major sector, knitwear, also rebounded.
‘The export of non-RMG products has been increasing and market diversification is needed for those products for well perform,’ he said.
‘A south-south trade potential has been increased and it is needed to explore the potential to maintain the export growth,’ Mustafiz said.
‘Necessary action should be taken so that the export is not hampered due to incidents like Rana Plaza collapse and Tazreen Fashions fire,’ he said.
Terming the export earnings growth for just concluded FY 2013 is satisfactory, EPB vice-chairman Shubhashish Bose said despite economic meltdown in the US and EU the country achieved encouraging growth.
‘We have been going through a progressive trend for the last few months and in the end of the financial year the growth of export earnings almost doubled than the last FY,’ he said.
The prime cause of the encouraging export growth is an increasing demand for the country’s readymade garments in the EU, North America, Japan, Russia and Latin America, Shubhashish said.
He said that the demand for knit products had been increasing in the EU markets and at the same time a number of non-traditional market including Japan and Russia are also increasing their import of knitwear from Bangladesh.
‘We must have to explore new market to retain the existing export growth in future. But it is true that it would not be possible to keep the export growth for long term through only one
or two items,’ Shubhashish said.
He suggested that the entrepreneurs should diversify their products mainly basic garment items to mid-end and high-end products.
Shubhashish also emphasised on the diversification of jute and leather products for increasing the export growth.
‘Though the export target could not be achieved due to the economic recession in the US and the EU, 11.18 per cent growth is not unsatisfactory under the circumstances,’ he said.
According to the EPB data, knitwear export grew by 10.43 per cent in the FY 13 to $ 10.47 billion from $9.48 billion in the FY 12 when the growth figure was 0.05 per cent.
The export of woven garments grew by 14.96 per cent to $11.03 billion in the FY 13 from $9.60 billion in the FY 12 with a growth figure of 13.89 per cent.
The export of woven garments surpassed its target by 1.03 per cent as the export target was $10.92 billion in the FY 13.
Exporters Association of Bangladesh president Abdus Salam Murshedy said, ‘The overall export growth is encouraging and we are happy with the performance.’
The just-started FY will be an eventful year as it is the last year of the incumbent government and two more government might serve in this period, he said adding that the country’s export might witness ups and downs in the current FY.
‘To maintain a reasonable growth we have to overcome the ongoing crisis in the RMG sector and must have to implement the long-term and short-term pledges,’ Murshedy, also a former BGMEA president, said.
The export of jute and jute products grew by 6.54 per cent to $1.03 billion in the FY 13 from $967.38 million in the FY 12.
Frozen foods export fell by 9.12 per cent to $543.84 million in the FY 13 from $598.42 million in the FY 12.
Leather export grew by 21.07 per cent to $399.73 million in the FY 13 from $330.16 million in the FY 12 while the footwear export totalled $419.32 million with a growth of 24.98 per cent.
The export earnings from agricultural products totalled $535.74 million with a 33.04 per cent growth.
The export earnings from engineering products including iron steel, copper wire, stainless steel ware, engineering equipment, electric products and bicycle amounted to $367.47 million with a 2.14 per cent negative growth.
Home textile export fell by 12.64 per cent to $791.52 million in the FY 13 from $906.07 million in the FY 12.
The export earnings from leather product amounted to $161.62 million with a 62.66 per cent growth.
In June, the export earnings stood at $2.69 billion growing by 16.31 per cent against $2.31 billion in the same month of the FY 12. The growth in earnings in June of FY 12 was negative 2.84 per cent.

-With New Age input

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