The export earnings of the country further saw a year-on-year (YoY) negative growth of 16.52% in April of the 2022-23 fiscal year (FY) for the second consecutive month.
The earning dipped to $3.95 billion in March 2023 from $4.73 billion in the same month of the last fiscal year, according to recently published data from the Export Promotion Bureau (EPB).
Moreover, the country’s monthly export earnings dropped below $4 billion, the sharpest decline in recent months.
The export earning target for April this year was $5.5 billion, meaning 21.67% less than the export target.
The RMG sector, the highest export earner of the country, bagged $3.32 billion in April of FY23, fetching 15.48 negative growth from $3.93 billion in FY22, EPB data stated.
However, the receipts stood at $45.67 billion in the first ten months (July-April) of the current fiscal year FY23, a narrow increase of 5.38% from $43.34 billion in the July-April period of FY22.
But the concerning matter has been noticed in EPB data that except for the RMG, the major exporting sectors experienced negative growths in the July-April period of FY23.
Earnings from apparel exports during the ten months of FY23 rose 9.09% year-on-year to $38.57 billion in July-April, higher from $35.36 billion in the mentioned period of FY2021-22.
Within the apparel sector, the knitwear sector bagged $20.96 billion, up by 8.97% compared to a year earlier, where woven shipment generated $17.29 billion, an increase of 9.24%, EPB data showed.
Among other major earners, leather and leather goods witnessed a negative growth of 0.52% to $1 billion, lower than $1.01 billion in the same period of the last FY.
The home textile sector further fetched negative growth in the past several months.
The sector earned 940.8 million in July-April of FY23, fetching a negative growth of 29.34% from $1.31 billion in the same period of the last FY.
The promising agricultural sector again witnessed a consecutive negative growth of 28.81% to $731.35 million in the July-April period of FY23, lower than $1.04 billion in the mentioned period of FY22.
The earnings from jute products also dropped by 20.25% to $770.82 million in the mentioned period, which was $966.51 million in the same period of the last fiscal year.
The engineering sector, another promising sector of the country, also experienced negative growth of 31.01% to $674.11 million in the July-April period of FY23, lower than $674.11 million in the same period FY22, EPB data stated.