Except for the readymade garment industry, all major export sectors in Bangladesh have made losses in FY ’23.
This is as per reports, which added in the previous fiscal year, several key sectors, including leather and leather goods, jute and jute goods, home textiles, agricultural sectors, and engineering items, experienced significant losses.
As reported by the Export Promotion Bureau (EPB), the country’s total earnings in the recently concluded fiscal year (FY ’23) amounted to US $ 55.55 billion, reflecting a favourable increase of 6.67 per cent. The readymade garments (RMG) industry contributed approximately 84 per cent or US $ 46.99 billion to this figure, marking a growth of 10.27 per cent.
However, despite the substantial growth in the RMG sector, the country fell short of its export target due to negative growth in the top five industries.
In particular, the leather and leather goods sector recorded a negative growth of 1.74 per cent, with exports amounting to US $ 1.22 billion, a decline from US $ 1.24 billion in the previous fiscal year, according to EPB data.
Meanwhile, In FY ’23, there was a significant decline in the home textiles sector as well, causing it to drop from its previous second-place position even as the sector’s earnings amounted to US $ 1.09 billion, indicating a substantial decrease of 32.47 per cent compared to the US $ 1.62 billion achieved in FY ’22.
