In August, export growth slowed significantly.

As a result of a decline in the shipment of manufactured goods, especially ready-made clothing, Bangladesh's export growth fell off significantly in August, according to data released today by the Export Promotion Bureau (EPB).

 

Exporters made $4.7 billion in August, up 3.8 percent year over year from the same time last year. August of last year saw a 36% increase in shipments over the same month the previous year.

August's receipts brought the total proceeds from exports in the first two months of the fiscal year 2023–24, which started in July, to $9.37 billion, an increase of 9% year over year.

Garments, the biggest export-earning sector which registered 26 percent growth during the July-August period of the previous fiscal year, rose 12 percent this fiscal year.

Apparel makers fetched $7.99 billion in two months ending on August 31 this year, up from $7.11 billion the same period a year ago, according to the EPB data.

Two other major sectors -- leather and leather products, as well as jute and jute goods -- suffered a decline in export earnings.

The figures showing slowdown in export growth comes a day after the Bangladesh Bank said inflow of remittance, another major source of foreign currency for Bangladesh, slumped last month.

Data about the two major sectors comes at a time when Bangladesh's foreign exchange reserve is gradually falling. Overall forex reserve stood $23.06 billion on August 30 and is projected to slip below the $23 billion-mark this week after a $1.20 billion payment to the Asian Clearing Union for imports from eight Asian countries.