Bangladesh recorded the lowest level of exports so far this fiscal year, both in terms of value and growth, in April as the production of apparel, the main export item, suffered in many areas amid an energy crisis.
It declined 0.99% year-on-year to $3.91 billion in April
The merchandise exports rebounded strongly in January as manufacturers shipped goods worth $5.72 billion, the highest in a single month, which, coupled with a rise in remittances and a fall in imports, could ease pressure on the economy.
Bangladesh’s exports bounced back in May after declining in the preceding two months riding on increased shipment of garments, the main export earning sector, according to data released by the Export Promotion Bureau (EPB) yesterday.
Bangladesh’s plans aimed at diversifying export baskets are yet to bring about the expected results as the priority sectors are not enjoying most of the benefits promised in the Export Policy for 2021-24, according to entrepreneurs.
Bangladesh’s exports to Asian markets are growing steadily thanks to increasing demand from several major markets but the country needs to sign trade pacts and diversify products in a continent where the consumer class is fast expanding.
The World Bank has found out that the exporters need around 300 hours to meet the border and documentary compliance requirements in Bangladesh, whereas the time comes down to 60 hours in India and 30 hours in China.
Bangladesh is yet to utilise $18 billion-worth export opportunities to the European Union availing duty and quota free privileges enjoyed by the South Asian nation as a least developed country (LDC), according to a study shared yesterday.
Drug maker Renata Ltd has secured approval from the US Food and Drug Administration (USFDA) for its general facility in Rajendrapur.
Commerce ministry should fast-track project to help in export diversification
The volume of exports through Akhaura land port in Brahmanbaria has fallen significantly over the past six years as increased connectivity between north-eastern Indian states and other parts of the country helped them reduce imports from Bangladesh.
