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Exports post 15.87pc growth in FY08

Star Business Report
Bangladesh earned US$14,110 billion in exports in 2007-08 fiscal year, registering a growth of 15.87 percent over the previous fiscal, according to Export Promotion Bureau (EPB) data.
The export was boosted mainly due to the sharp rebound of readymade garment sale, the EPB data showed.
Bangladesh gained this export earning against the target of $14,500 billion set for 2007-08 fiscal. In 2006-07 fiscal year the overall export of the country was estimated at $12.177billion.
Of the total export earning, only woven and knitwear, the two sub-sectors of RMG, fetched $10,699 billion during the last fiscal, the EPB data said.
The EPB data released yesterday also said of the total RMG products the knitwear subsector fetched $5,532 billion in July-June period, up 21.50 percent over the past fiscal.
The export of knitwear, the single largest foreign currency earner, followed by woven exceeded the target in the last fiscal.
In 2006-07 fiscal knitwear export was worth $4,553 billion. The EPB data showed that knitwear export exceeded the target by 1.22 percent in the immediate past 2007-08 fiscal.
In June exports of knitwear reached $603 million, up by 24 percent over the same month a year earlier.
In 2007-08 fiscal woven garment fetched $5,167 billion registering a growth of 10.94
percent over the same period of2006-07 fiscal.
The export target of woven garment was set at $5,400 billion in 2007 08 while the total export of woven in 2006-07 was $4,657 billion, the EPB data showed.
Following the knitwear and woven sub-sectors, the exports of petroleum byproducts, tea, textile, fabrics, footwear, ceramic products, vegetables, tobacco, cut flower/foliage, agro-processed foods, home textile, electronics, terry towel, leather, frozen foods and raw jute also showed strong performance in export during the last fiscal.
Exports of petroleum byproducts, tea, cut flower/foliage and pharmaceuticals showed a robust performance during the last fiscal at more than 100 percent growth compared to the same period of2006-07 fiscal.
Peaceful political environment, currency appreciation against US dollar by major competing countries and aggressive marketing drive helped the RMG sector maintain the export boom, industry insiders said.
President of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Fazlul Hoque said the country's RMG exports would face more competition in next year as China raised tax rebate
President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Anwar-Ul-Alam Chowdhury Parvez said buyers are coming to Bangladesh to import low priced basic “garment items.