Even as Bangladesh achieved a historic milestone with merchandise exports reaching an all-time high of US $ 55.55 billion in the recently concluded fiscal year, which was largely driven by the double-digit growth of the readymade garment (RMG) sector, fall in leather export earnings has emerged as a concern.
According to data from the country’s Export Promotion Bureau (EPB), the export of leather and leather footwear experienced a decline in FY ’23, with exporters attributing the slump to reduced orders from Europe.
Footwear, being the primary contributor to the leather sector’s export earnings, witnessed a decrease of 6.9 per cent as Bangladesh shipped leather footwear worth US $ 703 million, compared to the previous year.
Leather exports also faced a significant drop of 18.45 per cent, reaching US $ 123 million.
Meanwhile, speaking to media, research director at the Centre for Policy Dialogue (CPD), Khondaker Golam Moazzem reportedly expressed apprehensions over the decline in exports within the non-garment sectors and its potential impact on employment even as he cautioned that if this trend persists, manufacturers might be compelled to cut jobs to tackle these challenges.
