Garment exports to the US, the single largest export destination of Bangladesh, declined by 17.88 percent year on year in January-April period.

Bangladesh retained second position in apparel shipments to the European Union (EU) in the first two months of the current year with a 22.75 per cent share of the trade bloc’s overall garment imports, according to data from EUROSTAT.

Export earnings declined 16.52 per cent year-on-year to $3.95 billion in April as the shipment of garments, the key export item, dipped owing to a reduced purchasing capacity of consumers in the western countries amid persistently higher inflation.

Bangladesh’s plans aimed at diversifying export baskets are yet to bring about the expected results as the priority sectors are not enjoying most of the benefits promised in the Export Policy for 2021-24, according to entrepreneurs. 

Earnings from merchandise export fell by 2.49 per cent year on year to $4.64 billion in March as demand from key markets in the West declined amid high inflation and a slowdown in the economies.

Exports fetched $4.63 billion in February, up 7.81 per cent year-on-year, according to the Export Promotion Bureau.

The first consignment of 500kg of Gopalbhog mangoes from Rajshahi is en route to Dhaka today to be exported to Sweden.

Nearly a fortnight after deciding to curb wheat supplies abroad, India today said it would continue to allow the export of the crop to neighbouring and vulnerable countries.

For the first time, home textile has emerged as the second largest export earning sector after garments as demand remains buoyant in major markets, particularly Europe, according to exporters. Exporters fetched $1.3 billion from shipping home textiles in the July-April period of the current fiscal year, posting 39 per cent year-on-year growth. Receipts from shipments of home textile items such as bed sheets, pillow covers, curtains and cushion covers were higher than export receipts from agricultural products as well as leather and leather goods during the period. Home textile exports were 28 per cent higher than its nearest peer, agricultural products, namely dry foods, vegetables, tobacco and spices. Jute and jute goods, which topped the export basket as the second biggest earning source in fiscal year 2020-21, fell to fifth place in the face of falling demand for jute yarn, twine, sacks and bags, according to the Export Promotion Bureau (EPB). “We have been registering increasing demand for home textiles from the last fiscal year as people stayed home as a part of coronavirus containment measures,” said Shahidullah Chowdhury, executive director of Noman Group, the main exporter of home textile. It exports $27 million worth of home textiles each month. “Our main markets are Europe, Canada, the United Kingdom and Japan. However, our exports are increasing in new markets such as Australia,” he added. The sector first crossed the $1 billion mark in fiscal 2020-21 thanks to a 49 per cent year-on-year hike in export earnings, driven mainly by higher costs and prices of raw cotton and other materials. Export earnings were only 3 per cent of the total receipts of $38.75 billion for that year with garments accounting for 81 per cent, according to the EPB. “Definitely the volume of exports has increased too,” said Abul Basar, general manager of human resource, admin and compliance of Momtex Expo Ltd, another major exporter. He said Bangladesh can offer competitive prices as labour costs here are the cheapest. Labour cost has increased in China, which once dominated the home textile market. Political uncertainty in Pakistan has also discouraged buyers from placing orders there, Bashar said. “So, the increased order flow is likely to sustain,” he added. Harun-Ar-Rashid, managing director of Apex Weaving and Finishing Mills Ltd, said nearly 10 textile mills export home textile products from Bangladesh and the export volume is not that high. Bangladesh only has a 7 per cent share in the global home textile export market. He went on to say that demand may decline due to a yarn shortage and the ongoing war in Ukraine. Noman Group’s Chowdhury said exports would grow if the government provides policy support. Increasing the cash incentive for exports to 10 per cent from the present 4 per cent and reducing congestion at ports will be instrumental for increasing export earnings from home textiles. “We have political stability now but what we need is policy stability,” he added.

India today indicated that it would not allow the food security of its South Asian neighbours to be hit by the ban imposed on exports of wheat and that the measure was a temporary one.

Bangladesh Bank today instructed banks to take up to 75 per cent of payments in advance from businesses during opening of letters of credit for import of luxury and non-essential goods.

Untimely loading and unloading of containers has congested Chattogram port, the country’s premier seaport, with container vessels, which remain anchored due to the disruption.

The Bangladesh Bank today revised its policy for post import financing (PIF) in order to give clarification to banks as importers have faced complexities to get fund properly.

The Chittagong Stock Exchange (CSE) is planning to launch the country’s first commodities exchange, or futures market, this year, aiming to reduce the price difference of commodities between what consumers pay and what producers get.

To meet the needs of its growing economy and boost export growth, Bangladesh needs to improve its transport and logistics systems, the World Bank said in a latest report today.

Onion prices are set to drop further in the country as the Indian government has withdrawn the fixed minimum price on its export.

Apparel exporters are concerned over the United Kingdom’s ban on cargo flights from Dhaka and say it might adversely effect the country’s exports.

India agreed in principle not to carry out investigations relating to anti-dumping and countervailing duties on jute goods exported from Bangladesh, a senior commerce ministry official said yesterday.

India has launched an anti-dumping investigation into imports of jute goods from Bangladesh to see whether the export prices are set below fair market prices. In October, the Directorate General of Anti-Dumping and Allied Duties (DGAD) under India's commerce ministry opened the probe as part of its plan to impose anti-dumping duty on jute items imported from Bangladesh.

Industrial policy needs to address issues of education and skill development for facilitating higher capabilities for export diversification, attracting FDI and integrating with the global value chain.