Export earnings drop to $26.24b in 8 months

FT ONLINE 

The country's export earnings fell by 4.79 percent to US$26.24 billion in the first eight months of the current fiscal year (FY20) against $27.56 billion in the corresponding period of the last fiscal.

The earnings also fell short of the target by 12.72 percent set for the period, according to the latest data of the state-run Export Promotion Bureau (EPB).

The monthly export earnings during the period under review also maintained a downtrend except in the months of July and December.

The single-month export earnings in February last edged down by 1.80 percent to $3.32billion.

Exporters and officials said overseas sales declined as receipts from ready-made garment (RMG) sector dropped, the country's top foreign currency earner, accounting for more than 84 percent of the overseas sales.

The apparel sector fetched nearly $21.84 billion during the July-February period of FY20 against $23.12 billion during the same period a year earlier.

Earnings from woven garments fell by 5.88 percent to $10.94 billion, the EPB data showed.

Proceeds from knitwear exports during the period fell by 5.17percent to nearly $10.89 billion.

The woven and knitwear exports fetched $11.63 billion and $11.49 billion respectively in the July-February period of the last fiscal.

Earnings from other key sectors also fell during the first eight months of the current fiscal year, compared with the period a year earlier.

The EPB data showed that earnings from home textile stood at $526.08 million, down by 7.47 percent from $568.55 million. It fell short of the target by 10.65 per cent.

According to the EPB data, export earnings from leather and leather goods fell by 9.04 percent to $631.89 million during the period under review from $694.72 million of the corresponding period of the last fiscal.

Jute and jute goods exports during the period, however, climbed by 24.45 per cent to $697.63 million from $560.56 million. 

Agro-products like vegetables, fruits and spice fetched $667.36 million, up by 3.83 percent.

Pharmaceuticals exports grew by 7.23 percent to $96.72 million.

Frozen and live fish exports fetched $376.73 million in the first eight months of current fiscal, registering a negative growth of 4.39 percent.

Export of engineering products fell by 3.94 percent to $217.23 million from $226.13 million.

The country brought in $40.53 billion from goods exports during the last fiscal, of which about $34.13 billion came from textiles and clothing alone, the data show.