Bangladesh earned $50.52 billion from exports in 11 months of FY23: EPB

Bangladesh earned $4.85 billion by exporting goods in May, which saw an increase of 26.61 percent year-on-year.

The country had earned $3.83 billion from exporting goods in May 2022.

Amid the foreign exchange crisis, the export sector brought good news for forex reserves.

In April this year, worries surfaced about the export of goods because suddenly the export decreased by 16.5 percent to $3.96 billion. But in May exports increased by $890 million, according to Export Promotion Bureau (EPB) report released on Sunday.

The report revealed that in the first 11 months (July-May) of the current fiscal year 2022-23, products worth $50.52 billion were exported.

This export is 7.11 percent higher than the same period of last financial year. In the first 11 months of the last financial year, the exports were worth $47.17 billion.

According to EPB data, exports of leather and leather products, non-leather footwear and plastic products have so far increased in the current fiscal year, along with ready-made garments.

However, exports of jute and jute products, home textiles, frozen food, agro-processed food, and engineering products declined.

In the first 11 months of the current financial year, exports of ready-made garments were worth $42.63 billion. This income is 10.67 percent higher than the same period of the last financial year 2021-22.

On the other hand, the second highest export item was leather and leather products worth $1.12 billion.

In this case, the growth is 42 percent. The third highest exported products are home textile products worth $1.02 billion. The export of this sector decreased by 30 percent, reports UNB.