Bangladesh failed to gain much in the export front with its overall exports taking a hit and missing the target considerably.
The country’s export earnings have declined by 10.70 per cent to US $ 3.05 billion for the fourth consecutive month in November compared with the corresponding period of last year.
And this fall is largely driven by a negative growth in the apparel business, which contributes to over 84 per cent of total export earnings.
As per data released by the Export Promotion Bureau (EPB) recently, the country exported goods worth over US $ 3.05 billion last month, which is around 11 per cent less than the amount earned in November last year.
The apparel sector witnessed a 7.74 per cent decline to US $ 13.08 billion in the first 4 months of the current fiscal year, which was US $ 14.18 billion in the same period last year.
After the November export data was made public, Dr. Rubana Huq, who heads the country’s apex garment manufacturers’ body the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), termed the export performance, ‘truly very bad’ and ‘deteriorating by the day’.
“All our orders are being diverted to Vietnam or India,” claimed the BGMEA President while calling upon the Government for urgent policy support to tide over the situation.
She also demanded separate Taka-Dollar exchange rate for the sector along with cash incentive.