Half of export target hasn’t achieved in 8-month
Abu Sazzad: Bangladesh may not able to achieve $60 billion export target by the year 2021 due to ongoing turmoil over Coronavirus outbreak across the world.
Sources said, the government has set up the export earnings target worth $ 45,500 million for the current fiscal year 2019-20. But, the total earning was $ 26,241.83 million in the first eight months (from July to February), which is almost half of the total target, said industry insiders.
Experts have expressed deep concern over the ongoing sluggish trend of export earnings that posing serious threat to the economy due to the steady growth.
The global coronavirus outbreak has drastically hampered the earnings of the entire export oriented sector which is the growing concern for the economy of the country, they said.
The export target was $30,067 million in the first eight months of the current fiscal, but the export earning was $ 26,241.83 million. The export of primary commodities declined by 12.72 percent during July to February period, according to the latest data of the Export Promotion Bureau (EPB).
The export earnings particularly ‘RMG sector’ has become failure to achieve the export target during this period. The government has set the export earnings target worth $25,243.06 million in the eight months for the apparel sector, but the actual earning was $21,847.53 million, which means that the RMG export earnings have been declined by 13.45 percent from the target.
RMG stakeholders said, the government has set up export earnings target worth $38.20 billion from the RMG sector for the current year, but it seems to them that the achievement of such target is not possible in the remaining months.
On the other hand, the export of agriculture products including tea, vegetables, tobacco, cut flowers, fruits, species, dry foods and others has declined by 9.83 percent during the period.
Besides, the export of manufactured commodities including cement, salt, stone, ores, slag, ash, petroleum bi-products has declined by 13.06 percent from the target.
Meanwhile, the export of chemical products including pharmaceuticals and chemical fertilizers was declined by 23.77 percent from the target.
Similarly, the export of plastic products was declined by 23.91 percent. The same situation is prevailing in the skin and hide sector as it has become failure to achieve 12.51 percent export income target in the eight months. The export of wood and wood products was declined by 23.33 percent. The export of handicrafts was declined by 9.14 percent from the target.
However, the export of specialized fabrics including terry towel, specialized woven fabric and knitted fabric was declined by 26.50 percent. The home textile sector including bed and kitchen toilet lines was declined by 10.65 percent from the target.
On the other hand, the export of engineering products including iron, copper wire, steel, engineering equipments, electric products and bicycle was declined by 10.91 percent.
According to the Export Promotion Bureau report, some 45 Bangladesh missions in abroad have become failure to achieve their respective export targets for the July-February period.
Talking to Daily Industry, Khodoker Golam Moazzem, Research Director of Centre for Policy Dialogue (CPD) told that the apparel sector is contributing the highest export earning sector, but the production of the sector is hindering for lack of raw materials mostly imported from China. Due to supply chain disruption, the stakeholders can’t import the raw materials from China or India. Actually, the coronavirus outbreak is hindering the export earnings of the entire sector which is raising concern for the country’s economy.