Kawsar Khan
Exports went up by 13.37 percent in November of the current fiscal year bagging $1.3 billion against the same month last year, and diffused the fear of a long-term effect of global recession in export assumed through the negative export growth in October.
In October of fiscal 2008-09, the country’s export earnings dipped 7.48 percent over the same month last year bagging $867.69 million against $941.48 million in the same month of 2007-08 that exporters blamed on the global recession.
In November the export earnings also posted a 9.20 percent surplus over the strategic export target of $1.2 billion for the month, according to statistics of Export Promotion Bureau (EPB).
The total export earnings in November of the last fiscal were $ 1.1 billion.
Keeping the growing trend, the country recorded a 26.80 percent export growth in July-November period, earning $6.6 billion against $5.2 billion in the same period of the previous fiscal.
Exports posted a 2.81 percent surplus against its strategic target in July-November period, with a remarkable growth in knitwear, woven garments, frozen foods and textile, EPB data showed.
Terming the overall export trend positive, EPB officials hoped the country would be able to achieve the $16.3 billion export target for the current fiscal year despite an ongoing financial recession in Europe and the US — two major export markets of Bangladesh.
The global financial meltdown has created fear of less export order from those affected countries.
“I have been saying from the beginning of the global crisis that the country will not be affected by it as Bangladesh produces such a range of low-end basic products that people would buy those under any circumstances,” said Shahab Ullah, EPB vice chairman.
He linked strong export growth of some non-traditional items such as melamine tableware, textile and fabrics with the overall growth of export besides the growing export trend of woven, knitwear and frozen products.
According to export statistics, in July-November period, woven garments showed 24.76 percent growth fetching $2.3 billion and knitwear earned $ 2.7 billion with a robust 34.57 percent growth.
Chemical products earned $168.48 million posting a 120.38 percent growth, tobacco $23.53 million with over 80 percent growth, petroleum by-products $79.69 million with 67.73 percent growth and agro-processed food fetched 23.20 million with over 50 percent growth.
But vegetables, camera parts, cut flower/foliage, raw jute, handicrafts, jute goods and electronics posted negative growth during the period.
Talking about the export performance, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Anwar-Ul-Alam Chowdhury Parvez said despite a fall in October, the overall export in December-January period would be positive as the RMG sector received a good number of export orders for the time.
He, however, said a number of holidays in the previous months before October were responsible for the decline in export in that month.
Despite the export growth in July-November period, economist Dr Atiur Rahman, professor of Department of Development Studies of Dhaka University, said it would take time to predict whether the country’s export will show growth in coming months as there exists a recession in the world.
“A new government will take over in the US in January 20 and if it announces fresh financial packages, the situation may be positive, said Rahman, also chairman of Unnayan Shamannay, a research organisation.
He, however, found the Bangladesh government decision to reduce fuel prices as a positive indication as reduced fuel prices would also help cut production costs.
Courtesy: thedailystar.net