Bangladesh’s merchandise export in July, which grew 15 per cent year-on-year to US $ 3.98 billion, in which apparels played a major role, came in as much-needed respite for the country, amidst global uncertainty and foreign exchange crisis.
Speaking to the media, economists and experts have, reportedly, maintained the increased shipments will help Bangladesh Government breathe a sigh of relief after abnormally high imports sent the current account deficit to a record high and caused the foreign currency reserves to fall at a faster pace.
It has also driven the value of Taka against the US dollar significantly while pushing up inflation to a nine-year high.
Speaking to the media, Executive President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Mohammad Hatem, reportedly, maintained July earnings were lower than expected as the industry went on an eight-day holiday on the occasion of Eid-ul-Azha while adding exports may face a slowdown in the coming months.
Meanwhile, Research Director of the Centre for Policy Dialogue (CPD) Khondaker Golam Moazzem, underlined attaining a double-digit export growth amidst a precarious global situation and the volatility in the foreign currency market was not only good for the garment sector but also for maintaining macroeconomic stability.