The country’s export earnings from the United States (US) and European countries have registered a significant growth in the July–October quarter of FY 2017/18, marking a growth of around 7 per cent for the shipment of apparel.However, exports to China and Japan have dipped.According to Export Promotion Bureau (EPB) data, most European countries, such as the United Kingdom, Spain, and Netherlands, have scored double-digit growth in the first quarter of FY 2017/18.Senior vice-president of the Bangladesh Garment Manufacturers’ and Exporters’ Association (BGMEA), Faruque Hassan, explained to The Independent: “There was a bit of downturn in September because the Indian and Vietnamese currencies were stronger than ours.”“Export earnings went up by over 7 per cent in the first four months of FY 2017/18 to USD 11.50 billion because our currency depreciated against all other foreign currencies. That is the main reason behind the growth,” elaborated Hassan.“We have invested around USD 4 billion in workplace safety and occupational health,” he added.Woven products earned USD 4.45 billion, a year-on-year rise of 3.85 per cent, while the knitwear industry earned nearly USD 5 billion, posting 9.95 per cent growth. “To increase the RMG (readymade garments) growth to 10 per cent, we need to increase our port efficiency,” Hassan suggested.In the July–October quarter of FY 2017/18, Bangladesh earned USD 1,873.24 million from the US—a growth of 2.28 per cent from USD 1,831.32 million during the same period last year. Bangladesh earned USD 1,343.90 million from the UK in July–October of FY 2017/18, a whopping 20.84 per cent growth from USD 1,112.09 million during the same period last year.Towfiqul Islam Khan, research fellow at the Centre for Policy Dialogue (CPD), told The Independent: “Bangladesh’s export earnings have increased in the European market due to three reasons: stronger European economy, the taka depreciating against all foreign currencies, and duty-free access to the European market.”“China has started moving out of the low-end readymade garments market and thus we have to take the opportunity as early as possible,” he said.According to EPB data, for the July–October quarter of FY 2017/18, Bangladesh earned USD 333.90 million from Japan, with a 3.94 per cent drop from USD 347.60 million during the same period last year.“Exports to Japan have fallen because we export bulk products, while Japan mostly imports select high-end products,” said Towfiqul.EPB information says that for the July–October quarter of FY 2017/18, Bangladesh earned USD 224.75 million from China, with a 22.42 per cent fall from USD 289.71 million during the same period in FY 2016/17.RMG exporters claimed that the failure to address the lead time and port inefficiency were the two reasons for them to lose buyers’ orders.Bangladesh fetched USD 801.02 million in the July–October quarter of FY 2017/18 from Spain, which meant a growth of 25.80 per cent from USD 636.70 million during the same period in FY 2016/17.For the July–October quarter of FY 2017/18, Bangladesh earned USD 357.69 million from Canada, with a growth of 14.31 per cent from USD 312.89 million during the same period in FY 2016/17.In July–October in FY 2017/18, Bangladesh earned USD 401.08 million from the Netherlands, with a growth of 34.16 per cent from USD 298.96 million during the same period in FY 2016/17.Exports in the last financial year amounted to USD 34.59 billion, which was 3.39 per cent higher than the previous year, but still way short of the USD 37 billion target.
