August 8, 2022, 2:04 am

Staff Correspondent

2022-08-03 12:35:29 BdST

July export earnings up 15pc over a year back to $3.98 billion

Bangladesh's exports in July grew by nearly 15 percent from a year back and exceeded the target, in a strong start to the new fiscal.

Amid the deficit and widening gap in the balance of payments during the last fiscal, the Export Promotion Bureau (EPB), released this information on Tuesday.

According to the EPB data, Bangladesh exported goods worth USD $3.98 billion in July of FY23, which was $3.47 billion in the same month of FY22. It shows that the export income grew by around 15 percent.

The government has set an export target for July of $3.92 billion and at the end of the month, the export overshot by $ 60 million.

However, compared to June, exports fell by nearly $1.0 billion in July. Last June, Bangladesh exported goods worth $4.91 billion.

According to export data for July, knit and woven garments exports amounted to around $3.37 billion, which is 16.61 percent higher than the same period of the previous year.

Garment exports worth $2.89 billion in July last year. However, in the recently concluded fiscal year 2021-22, the export growth in the garment sector was around 35 percent.

The EPB data shows that Bangladesh exported goods and services in FY22 worth $60.08 billion, which grew by 17.80 percent more than the fiscal target of $51 billion.

In the outgoing fiscal year, Bangladesh earned $52.08 billion from exporting goods against the target of $43.5 billion. It shows 19.73 percent growth.

From the service sector, Bangladesh earned $8 billion in FY22 against the target $7.5 billion, which saw a growth 6.67 percent than the fiscal target.

Bangladesh made a record in exporting both goods and services in FY22 thanks to increasing consumption across the globe.

The government set a 15 percent credit growth target in the current fiscal year and a $67 billion export target for the current fiscal year.

Unauthorized use or reproduction of The Finance Today content for commercial purposes is strictly prohibited.

Popular Article from Business