The first quarter of the fiscal year 2024–25 saw a slight gain of 5.04 per cent in Bangladesh’s merchandise exports, despite major production disruptions brought on by curfews, student protests, and continued labour unrest in important garment producing areas.
Provisional figures show that the nation’s income from July to September 2024 was roughly US $ 11.37 billion, down from US $ 10.82 billion in the corresponding period of the previous fiscal year (2023–24).
Export revenue increased by 6.78 per cent year over year in September alone, to US $ 3.51 billion, from US $ 3.29 billion in September 2023. In the first quarter of FY’25, earnings in the ready-made garment (RMG) sector—a significant driver of the nation’s economy—rose by 5.34 per cent to US $ 9.28 billion. In this category, exports of knitwear brought in US $ 5.22 billion, up 5.72 per cent, and those of woven goods brought in US $ 4.06 billion, up 4.85 per cent.
Nonetheless, according to figures from the central bank, overall export revenues increased to US $ 3.82 billion in July 2024 from US $ 3.72 billion in July 2023, a meagre 2.9 per cent growth. Knitwear and woven clothing saw growth rates of 2.05 per cent and 3.94 per cent, respectively, during this month.
Some industry players expressed scepticism about the surge in export earnings notwithstanding the published data. The statistics are “unrealistic and illogical,” according to Muhammad Hatem, President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), who cited significant production disruptions brought on by student-led rallies, curfews, and ongoing labour issues. He also mentioned how the supply chain had been affected by floods, which made matters worse for enterprises in important industrial zones like Ashulia and Gazipur.
Notably, due to inconsistencies discovered in the export data, the Export Promotion Bureau (EPB), which formerly released monthly export figures, has discontinued these reports since July. Although the EPB has discontinued the monthly data releases, it continues to compile statistics based on shipment data from the National Board of Revenue, which are shared with the trade ministry.
The export industry’s future is still unclear as the Bangladeshi economy navigates these rough waters, and stakeholders are keeping a careful eye on changes in the local and international market environments.
