Bangladesh exports post decent rise, but miss target in May

Bangladesh’s exports have posted a moderate increase, rising 23.24 percent to $3.83 billion in May over the same month last year.

Last month’s exports, however, missed the target by 1.64 percent, according to data released by the Export Promotion Bureau on Thursday.

The exporters beat the target for eight months from September 2021 after a decrease in July in August.

Overall, exports grew by 34 percent to $47.17 billion and beat the target by 18 percent in the July-May period. In 2020-21, exports stood at $38.75 billion.

Readymade garments have continued to contribute the most to exports with $38.52 billion in the July-May period, increasing by nearly 34.9 percent year on year.

Apparels exports increased by 23.53 percent to $3.15 billion in May compared with April.

Mohiuddin Rubel, a spokesman for the Bangladesh Garment Manufacturers and Exporters Association, said the upward trend in exports is “truly inspiring”.

“But we’re tackling some challenges now. The Russia-Ukraine conflict, a hike in prices of raw materials and the condition of the fuel market are making the situation more complex. The hike in prices of components for production has also led to inflation in the countries of the buyers.”