After remittance, Bangladesh has ended the fiscal positively in terms of export earnings.
Products worth USD 55.56 billion were exported in the 2022-23 fiscal, which is 6.67 per cent more than the last year.
It is also the highest export revenue in the history of the country. The growth in export was 34.38 per cent in the 2021-22 fiscal.
However, the export revenue target in the last fiscal was USD 58 billion. As such, the export revenue was 4.21 per cent or USD 2.44 billion less than the target.
These figures came up in a report published by the Export Promotion Bureau (EPB) on Monday. It shows that products of USD 5.03 billion were exported in June alone, which is 2.51 per cent more as compared to June last year.
The country’s economy has been under pressure for almost a year due to the dollar crisis. Remittance and export earnings are two major sources of the country’s foreign reserve. Income from these two sectors declined by the end of last year as a result of the Russia-Ukraine war. However, it bounced back later.
The total amount of remittance through legal channels was USD 21.61 billion. The remittance has increased by 3 per cent as compared to last year. It decreased by 15.2 per cent in the 2021-22 fiscal.
According to the EPB report, export of readymade garments, plastic products and non-leathered shoes increased in the last fiscal. Meanwhile, the export of leather, leather-manufactured products, frozen food, agriculturally manufactured products, home textile and engineering products declined.
According to the figures of the EPB, readymade garment worth USD 46.99 billion was exported in the last fiscal, which is 10.27 per cent more than it was in the 2021-22 fiscal. Export earnings from leather and leather manufactured products were USD 1.22 billion in the 2022-23 fiscal. In this case, the export has declined by 1.75 per cent.
