Economy
Country’s Goods Export Witnesses Strong Growth in September, Falls Short of Target
In September of this year, the country’s export earnings from goods demonstrated robust growth, surging by 10.37 percent and reaching a total of $4,310.33 million. However, these single-month export figures fell short by 7.05 percent of the strategic export target set at $4,637 million, as reported by the latest statistics from the Export Promotion Bureau (EPB).
Comparatively, the export earnings for September in the previous year amounted to $3,905.07 million, indicating a noteworthy increase in the current year.
Taking a broader view, the data from EPB revealed that the overall export earnings during the first quarter of the current fiscal year (July-September) saw a significant growth of 9.51 percent, totaling $13,685.44 million. This exceeded the strategic target of $13,988 million set for the same period.
In contrast, during the same July-September period in the last fiscal year (FY23), the export earnings were recorded at $12,496.89 million, illustrating a noticeable upswing in the current fiscal year.
Among the various exportable items, the Ready-Made Garment (RMG) sector continued to dominate the overseas market during this three-month period, amassing an impressive $11,617.5 million with a growth rate of 13.07 percent.
Breaking down the RMG category, knitwear stood out as the frontrunner, securing the highest export amount of $6,762.59 million, followed closely by woven garments with earnings of $4,854.91 million.
For the current fiscal year, the government has set an ambitious target to export goods worth $62 billion, aiming for an 11.59 percent year-on-year growth. This follows a remarkable achievement in the previous fiscal year (FY23), where exports reached a record-breaking $55.56 billion despite challenging global conditions and uncertainties.
In November, the overall point-to-point inflation rate in the country exhibited a marginal decline to 9.49 percent, attributed primarily to decreases in both food and non-food inflation.
The monthly Consumer Price Index (CPI) released by the Bangladesh Bureau of Statistics (BBS) reported a general inflation rate of 9.93 percent in October. Specifically, food inflation decreased to 10.76 percent in November from 12.56 percent in October, while non-food inflation saw a slight dip to 8.16 percent from the 8.30 percent recorded in the previous month.
Breaking down the data, the rural areas experienced a slight decrease in the overall inflation rate to 9.62 percent in November, down from 9.99 percent in October. Similarly, urban areas witnessed a decline in the general inflation rate to 9.16 percent in November, compared to 9.72 percent in October.
The national wage index rate for November increased to 7.72 percent, showing a slight uptick from the 7.69 percent reported in October.
Export earnings for the current fiscal year (FY24) from July to November reached $22,232.28 million, marking a 1.30 percent growth compared to the same period last year, according to the latest data from the Export Promotion Bureau (EPB).
In the corresponding period of the previous fiscal year (FY23), export earnings amounted to $21,946.07 million. However, there was a notable decline in single-month export earnings for November, witnessing a 6.05 percent fall, reaching $4,784.81 million, as opposed to $5,092.56 million in November of the previous year.
The Ready-Made Garments (RMG) sector remained the primary contributor to export earnings during July-November, securing $18,835.65 million. Within this category, knitwear exports accounted for $10,989.42 million, followed by woven garments at $7,846.23 million.
Notable performances in other exportable categories during the July-November period include primary commodities at $601.42 million, agriculture products at $420.59 million, manufactured commodities at $21,630.86 million, plastic products at $92.60 million, leather and leather products at $427.02 million, jute and jute goods at $361.91 million, and specialized technologies [remaining text not provided].
The Foreign Minister, in a meeting today with the outgoing Kosovo ambassador Güner Ureya, urged Kosovo to recruit skilled human resources and consider importing high-quality readymade garments and pharmaceuticals from Bangladesh. The ambassador paid a farewell call on the Foreign Minister at the foreign ministry this afternoon.
During the meeting, the Foreign Minister commended the ambassador for actively advancing bilateral relations and emphasized the importance of enhancing people-to-people contact for stronger mutual relations. The outgoing envoy, in turn, expressed appreciation for Bangladesh’s progress and development across various sectors. Additionally, the envoy briefed the Foreign Minister on the shared interest of business communities in both Bangladesh and Kosovo to boost trade and investment between the two countries.
Discussions also encompassed topics such as women empowerment and the necessity of peace for sustainable development. The outgoing envoy lauded the people, culture, and the beauty of Bangladesh.
