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Exports from jute and jute goods, one of the few sectors for which raw materials are locally available, plunged 24 per cent to $610 million in the eight months ending in February, according to the EPB.

The sector suffered drops in shipment for the shrinking demand for jute yarn among carpet makers, the main user of jute yarn. The use of alternative yarn following a spiral in prices of jute in Bangladesh has also affected the export performance.

Ahmed said reduced prices of jute would lead to increased use of jute yarn. “So, the situation is expected to improve.”

A sharp depreciation of the taka against the US dollar has made exports from Bangladesh attractive in the global markets. The local currency has lost its value by about 25 per cent against the American greenback in the past one year.

“Besides, orders for garments from major markets will shift away from China. So, there is an opportunity to elevate garment shipments,” said Mustafizur Rahman, a distinguished fellow of the Centre for Policy Dialogue.

He said the prices of cotton, yarn and other items have increased and the latest export earnings figure reflects the price effect of the garment items shipped.

“The growth is price-driven to some extent as the prices of raw materials have increased. Until now, the demand side remains depressed.”

The trade expert called for an increased focus on regional markets as demand is growing there.

“At the same time, productivity would have to be raised and the cost of doing business would have to be brought down.”