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$10 billion needs to be exported in June to meet the yearly export target

BTJ Desk Report
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$10 billion needs to be exported in June to meet the yearly export target

In the current 2023-24 fiscal year, Bangladesh aims to export goods worth $62 billion. However, in the first 11 months (July-May), exports reached $51.54 billion, falling short of the target. To meet the annual goal, exporters need to ship goods worth $10.45 billion in June alone.

The Export Promotion Bureau (EPB) reported that while overall exports have grown by 2.01% compared to the previous year, May saw a decline of 16.06%. Major export products include apparel, leather, agricultural goods, jute, and home textiles. Apparel exports, which constitute 85.07% of total exports, grew by 2.86%, whereas other sectors like leather and home textiles faced declines.

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) noted that recent months have seen a drop in apparel exports due to global economic conditions, including inflation and increased interest rates, reducing consumer purchasing power. This led to decreased retail sales and imports in key markets like the US and Europe. Additionally, unit prices for apparel fell by 8-18%, impacting export revenues.

BGMEA also highlighted domestic challenges, such as rising production costs, higher utility and transportation expenses, and increased bank interest rates, which have reduced industry competitiveness. They urged the government to maintain existing support measures and reconsider policies that could further hinder investment and exports.

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