Export income from the U.S. expanded a healthy 18 per cent in July-August of the current 2015-16 fiscal year, compared with the year-earlier period as it defied the ongoing fuss over Washington’s suspended trade benefits. The healthy growth trend can be attributed to the sustained penetration of the US market by the country’s garment sector, reports UNB. Bangladesh’s exports to the USA amounted to $1.05 billion in July-August, representing almost a fifth (19.56 percent) of the country’s total exports during this period. The corresponding figure during fiscal 2014-15 was $ 892.47 million. According to the statistics compiled recently by the state-run Export Promotion Bureau (EPB), the major exports to the US market during the two-month period were woven garment ($ 684.78 million), knitwear ($ 292.20 million) – both of which fall under RMG, meaning it earned over $970 million of the $1.05 billion total earnings. Making up the remaining $30 million-odd were the exporters of frozen shrimp ($ 2.20 million), home textiles ($17.80 million) and cap ($ 7.54 million). Over 30 per cent of the country’s total woven garment exports during July-August entered the US market. The overall picture lends credence to the views that the loss of the GSP facility-which eluded garment makers-wouldn’t unduly hamper business between the US and Bangladesh. At its current growth rate, exports to the US might top $6.0 billion for the first time in the current fiscal. Bangladesh’s export earnings from the US in fiscal 2013-14 were impressive with $5.6 billion, up from $ 5.4 billion in 2012-13. In 2011-12 were also impressive totalling $5.1 billion, almost identical to the $5.1 billion in fiscal 2010-11 – the first time that the $5 billion barrier was broken. With or without GSP, suspended since June 2013 following a White House directive, the Bangladeshi business community has not looked back since.
