Bangladesh’s export income fell by 6.25 percent in September after a positive growth during the last 13 months, according to official figures.
The Export Promotion Bureau (EPB) released updated statistics on export earnings on Sunday.
It said exports of agricultural products, frozen food, handicrafts, bicycles, and furniture decreased in the first three months of the current fiscal year.
Bangladesh exported goods worth $3.9 billion last month (September), which is 6.25 percent less than the same period last year, the EPB data revealed.
However, overall the exports in the first three months of the current financial year 2022-23 are in a positive trend and saw a growth of 13.38 percent.
During this period, products worth $12.49 billion were exported in the first three months of current fiscal year that was worth $11.02 billion.
Read: Bangladesh to stay safe, sustainable apparel sourcing destination: BGMEA
Overall exports declined last month mainly due to a decline in apparel exports. The export of readymade garments was worth $3.16 billion in the previous month, which is 7.52 percent lower than in September last year. Exporting of both woven and knit garments declined last month.
However, there is a 13.41 percent growth in apparel exports in the first three months of the current financial year.
Exporters of readymade garments have said that inflation in the USA and EU countries has become dire due to the Russia-Ukraine war. People there have cut back on purchases other than fuel for cars and groceries.
Because of that, foreign buyers are placing less orders for two to three months. Many companies were not allowing the shipment even after the products of the purchase order were ready, they said.
BGMEA Director Md. Mohiuddin Rubel said on Sunday that BGMEA had already shared early indication of growth slowdown from September onwards, which is apparently reflected in export data for September.
The global retail market is disrupted by many challenges starting from post covid container freight and supply chain crisis, price hike of raw materials, and then anticipated recession in the global economy, which is halting retail sales and demand for clothing, he said.
Rubel said buyers were following cautious steps to make their inventory and supply chain optimum, so some of them are even holding back production and orders.
“Altogether it has been quite a fluid and vulnerable situation, where we have all the strengths and possibilities to grow given our sustainability and competitiveness strides, yet the global economic outlook makes it difficult to foresee something bright for the final quarter of the year 2022,” he added.