Bangladesh bags record $55.55B export earnings

By SM Najmus Sakib

DHAKA, Bangladesh (AA) — Bangladesh earned a record $55.55 billion from exports in the 2022-2023 fiscal year — a second consecutive high on an annual basis, according to the country's Export Promotion Bureau (EPB).

The country also witnessed 6.67% year-on-year growth in earnings from merchandise shipments, the EPB said on Monday, setting a new milestone for the South Asian nation as it crossed the $50 billion mark for the second economic year in a row.

Bangladesh reported its second-highest exports income figure of $52.08 billion in the previous fiscal year, according to EPB data.

The latest record still fell short of the country's $58 billion target, with the government blaming ongoing global economic turmoil and the Russia-Ukraine war.

Bangladesh's export is driven by growth of its apparel sector.

The readymade garment industry is Bangladesh's top foreign earner and witnessed double-digit growth. However, the sector has been facing news challenges, especially from its top customers, the US and EU.

Bangladesh is the second-largest garment supplier for the EU after China.

Out of total exports, the readymade garment sector earned $46.99 billion in the last financial year, up from $42.61 billion in the 2021-2022 period.

Meanwhile, inflation eased slightly in June slipping to 9.74% from 9.94% in May, according to the Bangladesh Bureau of Statistics (BBS).