The revision of export data, which saw shipment values fall by about US $ 14 billion in the first ten months of 2023-24 compared to a year before, has disappointed some businessmen.
Companies contended that the exaggerated export figures made it impossible for them to persuade the Government that companies were struggling as a result of the global and local economic crisis, the foreign currency shortage, higher energy costs, and the increased cost of manufacturing.
Exports totaled US $ 47.47 billion between July and April of FY ’24, according to figures from the Export Promotion Bureau (EPB) released in May. It declined by US $ 13.8 billion to US $ 33.67 billion after the central bank provided updated figures on Wednesday following the International Monetary Fund’s (IMF) recommendations.
The previously higher growth was reported at a time when the economic situation remained volatile at home and abroad, owing to the lingering impacts of the coronavirus pandemic and the Russia-Ukraine war.
For example, garment exports, which account for 85 per cent of national sales abroad, broke records month after month, despite Western shops and brands reporting sales slowdowns due to unsold inventory accumulation and decreased demand in the face of severe inflationary pressure.
Several business leaders warned that the Government and policymakers had the wrong impression about the situation, although numerous economic indicators had deteriorated.
Mohammad Hatem, executive president of the Bangladesh Knitwear Manufacturers and Exporters Association, stated that the exaggerated data has had a significant influence on the industry since politicians have based their decisions on it.
“Looking at the higher export of merchandise over the years, the Government had thought that the export sector had been doing well although the real picture was different.”
FBCCI President Mahbubul Alam said that local sales generated by manufacturers in export processing zones are also considered exports. If such sales are considered, the US $ 14 billion gap will not seem incorrect, he said.
