Industry

Bangladesh export income grows by 34.38 pc to $52.08 bn in FY 22

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Bangladesh export income grew by 34.38 percent year on year in the fiscal year 2021-22, according to Export Promotion Bureau on Sunday.

The export income for the first time also reached USD $ 52.08 billion, said the EPB.

According to EPB, Bangladesh exported goods worth around $52. 08 billion in the last 12 months (July-June) which is 19.73 per cent more than the target set in the beginning of FY 22.In FY 21, the country exported goods around $38.75 billion.

Also read: Working to improve agriculture sector by increasing exports: Minister

Bangladesh earned $42.61 billion from exporting garment items, which is the highest ever. The growth in garment export stood at 35.47 per cent that was 31.45 per cent in last fiscal year.

The government was focusing on increasing export income from the beginning of fiscal year 2021-22.

The ministry of commerce, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) have worked together to increase export volume of Bangladesh.

The government’s initiative to keep open garment industries during the pandemic, providing even the stimulus loans to pay the salary of workers, played an important role in getting a huge export order.

After easing Covid-19 pandemic restriction in the EU and the USA, Bangladesh received huge export orders due to its ability to deliver products as per required schedule, the sector insiders said.

The export earnings growth was 15.1 per cent in FY 2020-21 than FY 2019-20. The amount was $ 38.76 billion, which was $ 33.67 billion in FY 2019-20.

Also read: Export earnings cross $50 billion riding on RMG

The import payment was also recommenced back in FY 2020-21 with 19.73 per cent growth than the previous year and the amount was $ 65.56 billion.

Source: United News of Bangladesh