Bangladesh exports up 10.3%

[Naveed Yaseen]

DHAKA: Bangladesh’s exports surged 10.3 per cent to $15.56 billion in the 2008/09 fiscal year that ended in June, the lowest growth in six years, reflecting falling demand as a result of the global economic slump.

Export earnings in the year were 4.5 per cent below the government’s target, data from the Export Promotion Bureau showed on Wednesday.

In June, exports fell 3.26 per cent to $1.42 billion from a year earlier.

Clothing exports, which account for more than two-thirds of the impoverished country’s total export income, posted moderate growth that helped support overall exports, officials said.

Earnings from knit textiles in July-June rose 16.2 per cent to $6.4 billion from the previous year, while exports of woven garments rose 14.5 per cent to $5.9 billion.

However, exporters of ready-made garments which mostly go to the United States and Europe said they faced a drop in orders and lower prices.

Export sales of frozen food, leather, jute, electronics and other materials declined amid poor demand. Bangladesh had set a $16.3 billion export target for 2008/09.

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