Bangladesh Export Hits $47.47 Billion in Ten Months of FY24

Bangladesh Export Hits $47.47 Billion in Ten Months of FY24

Dhaka, May 5, 2024 –Bangladesh has reported a growth in its export revenues, achieving a substantial $47.47 billion in the first ten months of the fiscal year 2024.

This marks a 4 percent increase in exports compared to the same period last year, highlighting the country’s resilient export sector amidst global economic challenges.

The latest figures released by the Bangladesh Export Promotion Bureau (EPB) underscore a robust performance, particularly in the ready-made garments sector, which continues to be the backbone of the nation’s export economy. From July 2024 to April 2024, the ready-made garments, including both knitwear and woven items, contributed a whopping $40.49 billion to the total export earnings. This sector alone underscores the global demand for Bangladeshi textile products and the country’s pivotal role in the global apparel market.

Despite the overall positive trend, April saw a slight decline in exports, with earnings of $3.92 billion, down by 0.99 percent from the same month in the previous year. This dip, although minimal, reflects the fluctuating nature of global trade, affected by various external economic pressures.

The government of Bangladesh had earlier set an ambitious target of $62 billion for the total export earnings in the fiscal year 2023-24, with the garment sector expected to contribute over $52 billion. The figures so far indicate a strong trajectory towards achieving, if not surpassing, this target, buoyed by the robust performance of the textile sector.

Industry analysts suggest that the success can be attributed to several strategic measures undertaken by the government and the private sector. These include enhancing trade relations, improving product quality, and complying with international labor standards, which have significantly boosted buyer confidence. Moreover, the diversification of export products and markets has also played a critical role in sustaining growth.

The sustained increase in exports is vital for Bangladesh’s economic stability, providing much-needed foreign exchange while creating millions of jobs across the country. It also highlights the government’s continued efforts in improving infrastructure and policies to support export-oriented industries.

As Bangladesh continues to navigate the complexities of global trade, the current trends offer optimistic signs for the overall economic prospects of the country. With a few months left in the fiscal year, all eyes will be on whether these positive trends will continue, helping Bangladesh achieve its ambitious export targets and strengthen its position in the global market.