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Exports go down for third straight month

Refayet Ullah Mirdha
EXPORTS fell for the third straight month in May, according to data released by state-owned Export Promotion Bureau (EPB) yesterday. Businesses blamed the slowdown in exports on a dip in demand for apparel items in the Eurozone, which is now grappling with a debt crisis.
Readymade garment is the prime foreign currency earning sector of Bangladesh and the EU is the biggest market for its apparels.
Exports in May declined 4.13 percent to stand at $2.2 billion from the same month last year. However, exports rebounded by 16.31 percent in May compared to the previous month.
Exports grew 7 percent to $21.98 billion in July-May compared to the same period last year. “In times of turmoil, a 7 percent growth is not bad,” said Shubhashish Bose, vice-chairman of the EPB.
"We are performing well in new markets such as Japan, Russia, Malaysia, Mexico, Brazil, India, China, Australia and South Africa. We hope to offset the losses by performing
better in the newmarkets,” he said.
“I am hopeful that exports will regain soon.”
However, export earnings are 7.52 percent behind the periodic target at $23.77 billion for the July-May period.
The annual export target was set at $26.5 billion, which was 14.5percentovertheearningsat$22.92billioninfiscal2010-ll.
Of the apparel items, knitwear exports grew by 1.5 percent to $8.58 billion and woven exports rose 15.73 percent to $8.7 billion in July-May this year, compared to the same time last
year.
Such a rise is low in comparison with growth in July-April when knitwear exports rose by 2.99 percent to $7.7 billion and woven by 16.9 percent to $7.83 billion.
"The trend in exports is not good. Exports in June might also decline,” said Nasir Uddin Chowdhury, first-vice president of Bangladesh Garment Manufacturers and Exporters Association. But luckily, garment exports to new destinations are increasing, he said. This is why, exports are still in the positive territory, he added.
In the near future, political stability would become a major factor in maintaining the export growth, he said.
AKM Salim Osman, president of Bangladesh Knitwear Manufacturers and Exporters Association, said the Euro debt crisis is mainly responsible for the slowdown in exports. He said 80 percent of knitwear goes to the Eurozone. Export of knitwear to the European Union declined significantly because of the debt crisis, he said.
“Moreover, we can hardly execute all the orders due to an inadequate supply of gas and power to the industrial units.”
reefat@thedailystar.net