Bangladesh exported goods worth around $ 5.13 billion in January amid disrupted imports of raw materials for foreign exchange crisis, According to the Export Promotion Bureau (EPB).
After receiving $1.96 billion inward remittance in January, this is another good news of earning over $5.13 billion from export, which grew by 5.89 percent year-on-year.
The International Monetary Fund (IMF) approved a $.70 billion loan for Bangladesh, the latest earning from remittances and export income hinted at a stabilising foreign exchange situation.
The EPB released the updated statistics of exporting goods on Thursday.
According to the data, in the first seven months (July-January) of the current fiscal year 2022-23, goods worth $32.44 billion were exported, which is 9.81 percent more than the same period of last fiscal year.
Analysing the EPB data, it is seen that the exports of readymade garments, leather and leather products, non-leather shoes, plastic products have increased in the first seven months of the current financial year.
In May export income falls to 9-month low at $3.83 bn: EPB
However, exports of jute and jute products, agro-processed products, home textiles and frozen food have declined during this period.
Since the Russia-Ukraine war, inflation in the country is on the rise. Consumers' purchasing power decreases, resulting in lower purchase orders. In the mid of the year, the gas-electricity crisis became evident in the country.
Load shedding causes disruption of production for a large part of the day. It also happened that the production was stopped for 12 hours due to shortage of gas. Despite this crisis, there was a strong growth in the export of products at the beginning of the current financial year.
Apart from this, in the first seven months of the current fiscal year, leather and leather products worth $73 million have been exported. This export is 7.37 percent higher than the same period of last year.
On the other hand, home textile products worth $690 million have been exported during July-January of the current fiscal year. This export is 16.65 percent less than the same period of last year. Again, the export of agro-processed products worth $550 million is 25.86 percent less than the same period of last year.
Source: United News of Bangladesh