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Falling exports of four major sectors raise alarm
JAGARAN CHAKMA
Although Bangladesh posted a higher export growth in the just-concluded fiscal year on the back of garments and some non-traditional items, four major sectors suffered a fall, raising concerns for the economy and the employment sector.
Exporters of frozen and live fish, agricultural products, leather and leather footwear, and jute and jute goods registered a slump in their earnings in 2022-23 amid waning demand resulting from the economic slowdown in major markets such as Europe.
The receipts from the shipment of frozen and live fish, including shrimp, fell 21 per cent year-on-year to $422 million, according to data from the Export Promotion Bureau (EPB).
Exporters say the main harvesting season for brackish water shrimp begins in May and they usually get good responses from buyers during this period. This year, unfavourable weather and low prices hit the export earnings from frozen and live fish.
Heatwaves in recent months affected the production of shrimps, the main export item in the basket of frozen and live fish, said Md Amin Ullah, a former president of the Bangladesh Frozen Foods Exporters Association (BFFEA).
“Besides, the consumption in our main markets is falling owing to the impact of the Russia-Ukraine war,” he said, adding that prices of all types of shrimp declined.
Non-traditional products that are driving exports alongside RMG
REFAYET ULLAH MIRDHA
Apart from garment items, some non-traditional products played a vital role in gaining export earnings for Bangladesh even amid the global economic slowdown in the previous fiscal year.
In fiscal 2022-23, Bangladesh earned $55.55 billion from merchandise shipments, registering year-on-year growth of 6.67 per cent, according to data from the Export Promotion Bureau (EPB).
And like previous years, the garment sector made the highest contribution by bringing in some $46.99 billion of that amount.
However, some non-traditional items displayed strong performances as well.
For instance, exports of cotton and cotton products, such as discarded yarn and fabrics, performed well in fiscal 2022-23 due to the high demand for garment items made from recycled materials.
As such, exports of such goods witnessed phenomenal growth of 67.86 per cent year-on-year to reach $411.12 million from $244.92 million in fiscal 2021-22.
The demand for yarn and fabric waste has been growing worldwide as western clothing retailers and brands have started selling garment items made from recycled textiles.
Recently, Swedish retail giant H&M said it aims to ensure that 24 per cent of its apparels from global sources, including Bangladesh, are made from recycled or sustainable materials by 2025.
H&M plans to fully shift to recycled or sustainable products by 2030 as the company will abide by a due diligence law of the European Union for protecting the environment and human rights.
Recycled or sustainable clothing is made from yarn and fabrics that were discarded during the garment manufacturing processes. The material is widely known as “jhoot” in Bangladesh.
This means that no virgin cotton is used in the apparels, with the only exception being cotton grown using sustainable cultivation practices.
Shipments of manmade filament yarn and staple fibre also increased by more than 42.98 per cent to $310.03 million in fiscal 2022-23 compared to $216.83 million the year prior, EPB data shows.
Sources in the primary textile sector said local spinners recently started producing yarn and fabrics from manmade fibre considering the high demand.
Besides, some of them are also exporting yarn made from manmade fibre alongside traditional garment items in order to meet the demand of international buyers.
Similarly, shipments of the non-leather footwear increased to $478.86 million, up by 6.61 per cent year-on-year from $449.15 million in fiscal 2021-22.