Bangladesh faced a decline in its exports to key destinations, including the United States, European Union, and Germany, during the first half of FY ’24, attributed to persistent economic challenges on both local and global fronts.
This is as per reports which cited the latest data from the Export Promotion Bureau (EPB), in this regard while adding despite the setback, the country managed a marginal 0.84 per cent growth in export earnings, reaching US $ 27.54 billion for the July-December period.
The European Union (EU), the United States, Germany, India, Italy, and Canada, representing around 80 per cent of Bangladesh’s total exports, all witnessed a downturn in growth.
This decline is noteworthy as Bangladesh grapples with a severe shortage of forex reserves, and its dominant export sector, the readymade garment industry, implemented a new wage structure in December.
Industry insiders and experts suggest that while global economic challenges affected export growth worldwide, Bangladesh’s heavy reliance on the apparel sector and internal issues such as power shortages, political instability, and labour unrest contributed to its suboptimal performance.
Mohammad Abdur Razzaque, Chairman of Research and Policy Integration for Development (RAPID), commented on the situation, stating, “The declining trend in major export destinations is caused by both the suppliers’ and the buyers’ ends.”
