Economy
Bangladesh’s July Exports Soar by 15.26%
In the first month of the current fiscal year (FY24), Bangladesh’s export earnings experienced a robust growth of 15.26 percent, reaching a total of $4,592.92 million. This positive trend surpassed the export earnings of $3,984.82 million in July of the previous fiscal year. The Export Promotion Bureau (EPB) reported that July’s export earnings also exceeded the strategic export target of $4,481 million by 2.50 percent.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President, Faruque Hassan, expressed optimism about this encouraging start to the fiscal year. He attributed the higher export growth to increased prices of unit-wise RMG (Ready-Made Garments) items, even with fewer procurement orders. The manufacturers have been diversifying their products and producing high-end items, contributing to the overall expansion of export earnings.
Hassan also highlighted the growth in new export destinations like South Korea, Japan, Australia, and the United Arab Emirates (UAE) for RMG items. He mentioned that according to data from the World Trade Organization (WTO), Bangladesh’s RMG market share in the world had increased significantly, reflecting positively on local manufacturers.
While celebrating the success, the BGMEA president advised the government to simplify VAT and customs services further to maintain the growth trajectory. According to EPB data, RMG exports in July experienced a healthy growth of 17.43 percent, generating $3,953.74 million.
Among the RMG exports, knitwear secured the highest amount with $2,266.48 million and a growth rate of 22.24 percent, while woven garments earned $1,687.26 million with an 11.54 percent growth.
In addition to RMG, other major exportable items in July were primary commodities, agriculture products, manufactured commodities, plastic products, leather and leather products, jute and jute-made goods, and home textiles. This remarkable performance in July sets a positive tone for Bangladesh’s export prospects in the current fiscal year.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
