The country’s export earnings rose by nearly 3%, riding on the RMG sector in the first eleven months of the current fiscal year. According to Export Promotion Bureau (EPB) data, in July-May of FY2014-15, Bangladesh earned $28.14bn by exporting goods, which is 2.80% higher compared to the same period last year. However, Bangladesh failed to achieve its set target by 6%. The government set the target of earning $29.94bn during July-May of the current fiscal year. In May, Bangladesh fetched $2.84bn through export to the global markets, which is 4.37% higher compared to $2.72bn of the same period last year. But the country has failed to reach its export target of $3.1bn by 8.57%. RMG sector, the highest export earner, posted a 3.37% growth to $22.92bn in July-May period of the FY2014-15 compared to same period of last fiscal year. On the other hand, RMG export rose by 6.84% to $2.34bn in May, compared to the same period of last year. According to EPB data, woven sector earned $11.76bn, which was 4.43% higher compared to the same period last year, while Knitwear earned $11.67bn, posting a 2.28% growth. Among the other major sectors, pharmaceutical sector posted a growth by 4.49% followed by leather products 2.52%, footwear 26.93%, jute and jute goods 5%, home textile 1.8% and bicycle 15.15%. while frozen food export earnings fell by 5.19%, which was followed by shrimps 4%, tea 23.37%, vegetable 25.79%, leather 21.26%, raw jute 14%, specialised textile 4.32% and furniture 8.88%. “The export growth including plastic goods could be better if the prices of Euro did not devalue against US dollar as EU markets are our prime export destination,” Md Jashim Uddin, President of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) told the Dhaka Tribune. He also urged the government to keep the tax at source at 0.60% for the development of export-oriented sector as it suffers in the wake of recession in the global market.

Carlo De Carolis, Head of Operations, Lotto Sport Group will arrive Dhaka today on a business visit. During his visit to Bangladesh, Carolis will survey Bangladesh market and appraise himself of Lotto’s activities in the country. This visit will prove to be very significant as Carolis has a view to expanding Lotto’s business in the local market. In addition to Lotto, Carolis will also visit other manufacturing facilities as well as visit some of Lotto’s flagship outlets. Carolis is also scheduled to meet with some government and non-government officials. Carolis is a highly experienced official with a long track record in operation and supply chain management in the fashion and luxury industry. Since 2011, Carolis has been overseeing Lotto Group’s shoes, apparels and accessories production, quality assurance, customer service and supply chain management. In addition, he is also responsible for the general management of Lotto Sport Hong Kong Ltd.

Country’s export income grew slightly by 2.80 percent during the July-May period, the Export Promotion Bureau (EPB) said on Monday. Exporters have blamed a prolonged political unrest for the sluggish growth in export income. According to EPB statistics, the country fetched $28144.38 million during the July 2014 to May 2015 period against the target of $29943.08 million for the 11-month period. The target for the entire fiscal (July-June) was set at $ 33200 million. Of the 11-month export performance, the apparel sector, which has been the highest export income generator, brought $22924.74 million in export income, according to EPB data. The apparel sector alone fetched $ 24491.88 million last year. In the single month of May this year, the country has earned $2841.13 million from export, posting a 4.37 percent growth over the income of $ 2722.18 million in the same month last year. Income from Knitwear export in May stood at $11167.53 million, which is 2.28 percent higher than the same month last year. Woven sector fetched $11757.21 million in May this year, with 4.43 percent growth over the same month last year. The export targets for the (July-May period) were $11919.16 million and $12339.59 million respectively for knit and woven sector. And, the entire fiscal’s (July-June) target of knitwear and woven was $13215.61 million and $ 13681.77 million respectively. Income from Jute and jute goods export registered a 5.01 percent growth in May over the same month of the previous year. Home textiles fetched $742.06 million against the target of $766.62 million. Export of engineering products registered an encouraging 23.65 percent growth over the corresponding month of last year, which is also 18.89 percent higher than the current target. The sector fetched $ 416.64 million against the target of $350.4 million. Golf shaft exports also registered a cheering 29.79 percent growth; though the total income has been small in terms of gross target of export income. The government has set the target at $11.75 million, but the income totaled to $13.55 million. EPB data shows that income from Pharmaceuticals export grew by 4.49 percent while that of computer services also grew significantly. However, frozen food export fell by 8.39 percent—frozen fish by 6.69 percent and shrimps by 4.07 percent. Besides, leather & leather products, cement, salt, stone and petroleum bi-products sectors also saw a fall trend in export income.

The Rana Plaza Coordination Committee has announced that it has raised all the funds required to enable the scheme to make full payments to all victims in the coming weeks, reports UNB. The Committee which represents all industry stakeholders had estimated that US$30m was required to ensure that all victims can receive fair and equitable compensation according to ILO Conventions, according to a message received here from Geneva. By April 2015, the second anniversary of the Rana Plaza accident, over $27m had been raised and the Committee had paid out 70 per cent of the awards promised to over 2800 claimants. Further donations, including one significant sum pledged late last week mean that $30m has now been reached and all final payments can be made. ILO Director-General Guy Ryder was encouraged by the action taken by the government of Bangladesh, the country’s employers, workers, international brands, trade unions and NGOs on the Committee to ensure that fair compensation can now be paid to all victims of this terrible tragedy. “This is a milestone but we still have important business to deal with. We must now work together to ensure that accidents can be prevented in the future, and that a robust national employment injury insurance scheme is established so that victims of any future accidents will be swiftly and justly compensated and cared for,” he said. The International Labour Organization (ILO) has acted as chair of the Rana Plaza Coordination Committee since its establishment in October 2013. It has supported the Committee to design one coordinated arrangement for all victims of the accident based on ILO Conventions. In January 2014, the ILO also established the Rana Plaza Donor Trust Fund to support the Committee’s effort to finance the scheme. Bangladesh does not yet have a national employment injury insurance scheme to protect victims of accidents at work although ILO is now working with the Government, employers’ and workers’ organizations, donors and industry partners to establish one.

Country’s export earnings in the July-May period of the financial year 2014-15 fell 6.01 per cent short of the target of $29.94 billion set for the first 11 months of the fiscal year due to a sluggish growth in the export of readymade garment products in the established markets.
Experts and exporters said political unrest and deprecation of the euro against the US dollar took their toll on the export growth and the export earnings target set for the FY 2014-15 could not be achieved. The export earnings in 11 months of the current financial year grew by 2.80 per cent to $28.14 billion from $27.37 billion in the same period of the FY 2013-14, according to the Export Promotion Bureau data released on Monday. The export earnings in May totalled $2.84 billion which is 4.37 per cent higher compared with $2.72 billion in the same period of the FY 2013-14. The EPB data showed that the single-month earnings fell 8.57 per cent short of the target of $3.10 billion. ‘Reaching $33.20 billion export earnings target in the FY15 would not be possible due to depreciation of the euro against the dollar and appreciation of the taka,’ Policy Research Institute executive director Ahsan H Mansur told New Age. He said that the political turmoil also took its toll on the exports as buyers shifted some orders to other competitive countries. Mansur said that losing space in the US market also a reason for the slow export growth as some of the competitor countries like India and Vietnam gained their capacity in the market due to the deprecation of their currencies against the dollar. ‘I think the export earnings in the FY 2014-15 may stand at 31.30 billion with 3 per cent growth,’ he said. The RMG export in the July-May period grew by 3.37 per cent to $22.92 billion compared with that in the same period of last fiscal year. According to the EPB data, the earnings from woven garments in the 11 months stood at $11.75 billion with a 4.43-per cent growth compared with that in the same period last year. The earnings from knitwear grew by 2.28 per cent to $11.67 billion from $10.91 billion in the same period of the FY 2013-14. The earnings from woven fell 4.72 per cent short of its target while knitwear fell 6.31 per cent short, the EPB data showed. Exporters Association of Bangladesh president Abdus Salam Murshedy said that it was expected that the export earnings would witness a slow growth in the current financial year as exporters faced challenges of political turmoil and safety inspection as per the requirement of brands and buyers groups. At the same time deprecation of the euro and appreciation of the taka put negative impact on competitiveness, he said. ‘As an entrepreneur I am very happy that amid various challenges the export earnings in the current financial year registered a positive growth,’ Salam, also a former president of Bangladesh Garment Manufacturers and Exporters Association, told New Age. ‘Now the key challenge for the RMG sector is our decreasing competitive edge with entrepreneurs investing huge amount of money for factory remediation and buyers putting pressure on them to cut prices of products,’ he said. According to the EPB data, leather and leather products export fell by 0.29 per cent to $ 1.02 billion in 11 months of the FY15 compared with that in the same period of the FY14. Footwear export grew by 26.93 per cent to $429.60 million from $338.45 million in the same period of last fiscal year. Home textiles export grew by 1.80 per cent to $742.06 million in the July-May period of the FY15 from $728.91 million in the same period of the FY14. The export of jute and jute products increased by 5.01 per cent and stood at $794.25 million in the period which was $756.34 million in the same period of the FY14. Frozen food export in 11 months of the FY15 fell by 5.19 per cent to $529.92 million from $ 578.44 million in the same period of the FY14.

State Minister for Labour and Employment Mujibul Haque Chunnu has said that the government is very much concerned to ensure safety for the country’s garment industry, reports BSS. He said this while attending an international seminar on “Transformation Challenges and Opportunities in Bangladesh Garment Industry” on June 6 at the Harvard University at Boston in the USA. The seminar was organised jointly by Harvard University South Asia Institute and Harvard University Centre for the Environment and International Sustainable Development Institute (ISDI), Inc, according to a message received in the city Monday. State Minister for Women and Children Affairs Meher Afroze Chumki also spoke at the function, while Labour and Manpower Secretary Mikail Shipar and Consul General of Bangladesh in New York Md Shameem Ahsan were present. The state minister for labour focussed on the measures already taken for workplace safety and compliance.He especially mentioned the amendment to the Bangladesh Labour Act 2006 to ensure workers’ welfare, rights and safety, promoting trade unionism and collective bargaining and adoption of the National Occupational Health and Safety Policy. The State Minister noted that empowerment of women is a priority issue for the government. “The female workers are the driving force for the vibrant RMG sector, and Bangladesh is not lagging behind the other RMG-exporting countries in terms of improving the living conditions and factory safety,” she said.

Managing Director of Apex Footwear Syed Nasim Manzur has urged stakeholders to brand Bangladesh in the international market as a lucrative sourcing destination for leather products. He made the call at the 11th annual general meeting of Leathergoods & Footwear Manufacturers & Exporters Association of Bangladesh (LFMEAB), held Saturday in the city. In his speech, Mr Manzur, also outgoing president of the trade group, spoke on the challenges that member factories had to face in the previous year such as tannery relocation and making industry more green, drastic fall in EURO value, supply chain disruption owing to domestic political conflict for long time. He also expressed concern over erosion of advantages for Bangladesh due to extension of similar facilities for other countries too such as Pakistan getting the GSP facility. The government needs to work to avail new offers for Bangladesh in order to retain competitiveness, he said. Meanwhile, the association held its biennial election to its executive committee, where Md. Saiful Islam was elected president, the trade group said in a statement. Other members of the new executive committee for 2015-17 include senior vice president Abdul Momen Bhuiyan, vice president, (Finance) Nasir Khan, vice-president (HR & Admin) Mohammed Nazmul Hassan, director M. Anisur Razzaque, director, Ziaur Rahman, and director Hedayetullah Ron. Mr Manzur presided over the AGM and also delivered the inaugural speech of the AGM and presented the Annual Report 2014 and highlighted challenges and prospects of leather and footwear sector. The AGM discussed on how to implement the Gender Policy in the member factories, aiming to strengthen the social compliance initiatives and mapped out the future focus on targeted marketing, product diversification to boost export in international market, social compliance, green initiatives and skills training to sustain the growth of this value-added and job-rich sector. Later on, the annual audit report of the year 2014 was approved unanimously at the AGM, and elected executive committee for 2015-17 of the Association announced.

Rana Plaza Donors Trust Fund has finally met its target of $30 million, required to compensate all the victims and their families of the industrial tragedy, said a statement of International Labour Organisation (ILO). Rana Plaza Coordination Committee, representing all industry stakeholders, announced on Monday that it has raised the fund, required for ensuring full, fair and equitable payment to all victims in the coming weeks. According to the statement, over $27 million had been raised by April 2015, and the committee had paid out 70 per cent of the awards promised to over 2,800 claimants. Further donations, including one significant sum pledged late last week, mean that the target of $30m has been reached, and all final payments can be made now. “This is a milestone, but we still have important business to deal with. We must now work together to ensure that accidents can be prevented in the future, and that a robust national employment injury insurance scheme is established, so that victims of any future accidents will be swiftly and justly compensated and cared for,” said ILO Director-General Guy Ryder. ILO has acted as the chair of Rana Plaza Coordination Committee since its establishment in October 2013. It has supported the committee to design one coordinated arrangement for all victims of the accident, based on ILO Conventions. In January 2014, ILO also established Rana Plaza Donor Trust Fund to support the committee’s effort to finance the scheme, it added. The statement, however, said Bangladesh does not yet have a national employment injury insurance scheme to protect victims of accidents at work, although ILO is now working with the government, employers’ and workers’ organisations, donors and industry partners to establish one. Meanwhile, in a separate statement, Ineke Zeldenrust of Clean Clothes Campaign (CCC) said, “This day has been long in coming. Now that all the families impacted by this disaster will finally receive all the money they are owed, they can finally focus on rebuilding their lives. This is a remarkable moment for justice.” CCC has been campaigning since the disaster in April 2013, and demanding the brands and retailers provide compensation to the victims. Since then over one million consumers from across Europe and around the world have joined actions against many of the major high-street companies, whose products were being made in one of the five factories housed in the structurally-compromised building.

The country’s overall export earnings recorded a marginal growth during the July-May period of current fiscal year 2014-15. The export receipts stood at $28.14 billion showing a 2.83 per cent growth during the period though it fell short of target by 6.01 per cent, according to Export Promotion Bureau (EPB) data released Monday. However, the single month earnings bounced back in May 2015 with earnings worth $2.84 billion marking a 4.37 per cent growth. The merchandise shipments last month failed to achieve the target set for the month by 8.57 per cent. In April 2015, the export earnings witnessed a negative growth of 0.55 per cent, the data showed. Apparel exports, both knit and woven products, however, witnessed a 6.84 per cent growth last month compared to that of May 2014. Export of apparel products in July and August 2014 witnessed a 0.07 and 4.23 per cent growth respectively compared to that of same period in 2013. But export earnings fell by 2.06 per cent and 9.69 per cent in the next two months-September and October-while it bounced back in November with 9.71 per cent growth in the same year. In December, the growth slowed down to 2.38 per cent while it maintained a moderate growth of over 7.0 per cent from January to March in 2015. The growth again slowed down to 1.16 per cent in April of this year. The country fetched $1.19 billion from export of woven items marking a 9.80 per cent growth while earnings from knit products stood at $1.15 billion with a 3.94 per cent growth in May 2015. Knitwear earnings stood at $11.16 billion during the July-May period of current fiscal showing 2.28 per cent growth compared to that of last fiscal. Woven products fetched $11.75 billion registering a 4.43 per cent growth during the same period. But both the sectors failed to achieve the targets by 6.31 per cent and 4.72 per cent respectively set for the period. When asked, Abdus Salam Murshedy, former president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said the sector failed to achieve the targeted growth of 10 per cent during the current fiscal year due to various reasons including recent political turmoil, devaluation of currencies in major importing countries and ongoing safety initiatives. Moreover, the competitiveness of the sector is also declining due to rising cost of production. On the other hand, buyers are not increasing prices of the products, he added. Earnings from frozen food sector grew negatively by 8.39 per cent and stood at 529.92 million during the July-May period. Golam Mostafa, vice president of the Bangladesh Frozen Food Exporters Association (BFFEA), attributed this to falling prices of frozen fish in the global market. Export of leather and leather goods witnessed a negative growth of 0.29 per cent during the period.

The Rana Plaza Coordination Committee yesterday said it has raised the entire amount of $30 million needed to compensate all the victims of the building collapse. The payments will be cleared in the next few weeks, the panel, which was formed to raise and disburse the compensation, said in a statement yesterday. The committee that represents all industry stakeholders had estimated that at least $30 million was required to ensure fair and equitable compensations for all victims. By April 24, 2015, the second anniversary of the Rana Plaza accident, more than $27 million had been raised and the committee had paid out 70 percent of the awards promised to more than 2,800 claimants, according to the statement. Further donations, including one significant sum pledged late last week, mean that $30 million has now been reached and all final payments can be made. The International Labour Organisation has acted as the chair of the committee since its establishment in October 2013. “This is a milestone but we still have important business to deal with. We must now work together to ensure that accidents can be prevented in the future, and that a robust national employment injury insurance scheme is established,” Guy Ryder, ILO’s director-general, said in the statement. The ILO supported the committee to design a coordinated arrangement for all victims of the accident based on ILO Conventions. In January 2014, the ILO also established the Rana Plaza Donor Trust Fund to support the committee’s efforts to finance the compensation scheme. Bangladesh does not yet have a national employment injury insurance scheme to protect victims of accidents at work although the ILO is now working with the government, employers’ and workers’ organisations, donors and industry partners to establish one. In this context, the full implementation of the Rana Plaza arrangement within a two-year period represents a very significant step forward, Ryder said.