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Exports fall by 6.25pc in September

03 October 2022

Staff Reporter :
The country's exports have declined by 6.25 per cent year on year to $3.9 billion in September as the inflow of apparel orders decreased by around 30 per cent amid higher inflation and recession in the major destinations caused by the ongoing Russia-Ukraine war.
But the overall earnings from merchandise shipment grew by 13.3 per cent to $12.49 billion in first quarter (July-September) period of the current fiscal year (2022-23), according to the Export Promotion Bureau (EPB) data released on Sunday.  
The data showed that the apparel exports declined by 7.52 per cent in September compared with corresponding period of last year after 13 months of much needed recovery of the export from pandemic and promising growth.
Knitwear export declined by 9 per cent, while woven export declined by 5.66 per cent in September.
During the first quarter, RMG exports reached $10.27 billion dollars, which is 13.41 per cent higher than the corresponding period of last year, the EPB data said.
The entrepreneurs of the apparel sector shared early indication of growth slowdown from September onwards which is apparently reflected in export data for September.
The global retail market is disrupted by many challenges starting from post-Covid container freight and supply chain crisis, raw materials price hike, and then anticipated recession in the global economy which is halting retail sales and demand for clothing. Buyers are following cautious steps to make their inventory and supply chain optimum, so some of them are even holding back production and orders.
"Altogether it has been quite a fluid and vulnerable situation, where we have all the strengths and possibilities to grow our sustainability and competitiveness strides, yet the global economic outlook makes it difficult to foresee something bright for the final quarter of the year 2022," Md Mohiuddin Rubel, Director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
The RMG export, which grew 26 per cent in the July-August period, registered a 13.4 per cent growth in the three months that ended on September 30, reflecting a slowdown.
After a slump in July, the country's export earnings made a strong comeback in August with $3.38 billion, riding on apparel  
shipments, especially knitwear products.
In July and August combined, the earnings declined by 0.31 per cent year-on-year, which was $6.87 billion during the same period last year and it remained 7.84 per cent below the export target of $7.44 billion for the period.
Followed by RMG sector, the export earnings from home textile sector was $0.35 billion and witnessed a 26.59 per cent year-on-year growth during the three months period.
Meanwhile, earnings from leather and leather-goods were $32.79 crore with a 20.87 per cent year-on-year growth during the mentioned time.  
The EPB data also showed that the export earnings from agri-goods, frozen foods, handicrafts, bicycle and furniture items have decreased during the time.

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