Staff Correspondent : Bangladesh’s export earnings in July- February (eight months) of FY24 grew by 3.71 per cent to $38.45 billion compared with those of $37.07 billion in the same period of FY23, as the demand for readymade garment products increased in the western countries.

The single month export earnings in February 2024 grew by 12.04 per cent year-on-year to $5.18 billion compared with those of $ $4.63 billion in the same month of 2023, according to the Export Promotion Bureau data released on Monday.

Export earnings from readymade garments in July-February of FY24 grew by 4.77 per cent to $32.85 billion compared with those of $31.36 billion in the same period of FY24.

The share of RMG in the total export earnings in the eight months of FY24 increased to 85.44 per cent from 84.58 per cent in the same period of the previous financial year, the EPB data showed.

‘The shipment of apparel has started increasing as the stocks of western buyers ended and they have been placing orders in increased quantities,’ Bangladesh Garment Manufacturers and Exporters Association president Faruque Hassan told New Age.

He said that the year 2023 was challenging for the country’s readymade garment sector, as the demand for apparel decreased in the year due to high inflation in the major markets.

Now the situation is improving with the support of overall increased shipment, and encouraging performance of new markets and new products, the BGMEA president said.

Faruque said that to increase the pace of apparel exports in 2024, the government should ensure uninterrupted supply of gas and electricity.

He, however, said that the latest electricity price hike would increase the cost of production and it would erode the competitive edge of the export sector on the global market.

Export earnings from woven garments fell by 0.26 per cent to $14.26 billion in July-February of FY24 compared with those of $14.30 billion in the same period of the previous financial year.

Earnings from knitwear exports in the eight months of FY24 grew by 8.98 per cent to $18.59 billion compared with those of $17.06 billion in the same period of FY23.

Export earnings from home textiles fell by 29.94 per cent to $539.35 million in the July-February period of FY24 compared with those of $769.86 million in the same period of FY23.

Export earnings from jute and jute goods declined by 4.64 per cent to $581.55 million in the July-February period of FY24 compared with those of $610.08 million in the same period of previous financial year.

Earnings from exports of agricultural products, however, increased by 3.49 per cent to $636.51 million in the eight months of FY24 compared with those of $623.18 million in the same period of FY23.

Export earnings from leather and leather goods in July-February of FY24 declined by 14.38 per cent to $712.68 million compared with those of $832.38 million in the same period of the previous financial year.

Earnings from leather-footwear exports in the eight months of FY24 fell by 26.40 per cent to $358.31 million compared with those of $486.82 million while the other leather products fetched $265.13 million with a 2.02-per cent growth in the period.

Exports of engineering products in the eight months of FY24 fell by 3.36 per cent to $337.94 million compared with those of $349.32 million in the same period of the previous financial year.

Export earnings from plastic goods in July-February of FY24 grew by 16.82 per cent to $161.62 million compared with those of $138.35 million in the same period of FY23.

Export earnings from frozen and live fish declined by 14.1 per cent to $273.97 million and the earnings from shrimp exports also fell by 21.94 per cent to $182.24 million in the eight months of FY24.

Earnings from pharmaceutical exports in July-February of FY 24 grew by 12.67 per cent to $134.15 million compared with those of $119.06 million in the same period of previous financial year.