Exports fall 7.85pc in Oct as economic gloom deepens

 
Bangladesh's exports fell for the second month in a row, adding to economic gloom, after more than a year of robust growth. October exports declined 7.85 percent year-on-year to around $4.36 billion, falling short of the target by nearly 12.9 percent, according to data released by the Export Promotion Bureau on Wednesday, bdnews24 reports.

Overall, in the first four months of the fiscal year, exports grew by over 7 percent to $16.85 billion, largely thanks to the earnings from the goods sent abroad in July and August. The fall in September and October, however, dragged the exports of the four-month period 3.25 percent below the target. After exporting goods worth over $52 billion in fiscal 2021-22, the government set a target of $58 billion for the ongoing fiscal year.

Exporters of garment merchandise, which accounts for the bulk of Bangladesh's exports, warned that the export target for 2022-23 may not be achieved due to the economic crisis in the West.

With the earnings in October, garment exports grew 10.55 percent to around $14 billion in the first four months of the fiscal year. The sum still missed the target by 0.75 percent. Garment exports dropped by 7.52 percent in September.

Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association, on Sunday said the country's export growth in larger markets, including the US and Germany, slipped due to the ongoing economic unrest and inflation triggered by the war between Ukraine and Russia.

The gloomy export data came a day after Bangladesh Bank published data showing inward remittances declined for the third straight month, failing to ease pressure on the dwindling foreign currency reserves.

Remittances sent home by Bangladeshis abroad fell 7.3 percent year-on-year to about $1.53 billion in October, the lowest in eight months.