Export earnings fall by 8% Export Income
Photo: Wikimedia Commons/Moheen Reeyad Representational image

Export earnings fall by 8%

Bangladesh Live News | @banglalivenews | 03 Nov 2022, 02:21 pm

Own Correspondent, Dhaka, Nov 3: In October this year, the export earnings decreased compared to October last year. In October this year, products worth 435 crore 66 lakh 20 thousand US dollars were exported to the international market, which in October 2021 was USD 472 crore 75 lakh 30 thousand.

According to that, compared to the month of October 2021, in the month of October 2022, the export income has decreased by 37 crore 9 lakh 10 thousand dollars, which is 7.85 percent. The Export Development Bureau (EPB) shared this information on Wednesday (November 2).

Meanwhile, 12.87 percent of export income decreased in October 2022 beyond the target of the government. The government's target for export earnings this month was USD 500 crore. Only 435 crore 66 lakh 20 thousand US dollars have been exported there. That is, 64 crore 33 lakh 80 thousand dollars has decreased. Which is about 13 percent as a percentage. As a result, after 13 consecutive months of growth in export earnings, in September and October of this year, export earnings decreased for two consecutive months compared to the previous year.

Those concerned say that the export income of Bangladesh has started to decrease due to the shock of the Russia-Ukraine war. Inflation has increased abnormally in the United States and European countries. Because of this, they have reduced the purchase of clothes. They have to spend a lot on food. Because of that Bangladesh's export income is decreasing.

However, other traders, including ready-made garment owners, were already expressing apprehensions that purchase orders from the US and European markets would decrease. As a result, the export income of the country will also decrease.

According to EPB data, in the first four months (July to October) of the fiscal year 2022-23, the export of the country's products to the world market was worth 1,685 crore 35 lakh 10 thousand US dollars. The government's export earnings target for these four months was 1,742 crore US dollars. That is, 56 crore 64 lakh 90 thousand US dollars or 3.25 percent less than the target.