Bangladesh enjoys export boom in July 2010

Bangladesh says its exports rose more than 26 percent in July, the first month of the current fiscal year, from the same period a year ago, a further sign that its economy has withstood the global market recession.

The figures released by Bangladesh's Export Promotion Bureau ( EPB) Wednesday showed exports totaled over 1.82 billion U.S. dollars in the first month of 2010-11 fiscal year (July 2010-June 2011).

July's surge follows on the heels of a 21.24 percent increase in June, the final month of the last 2009-10 fiscal year (July 2009-June 2010).

Officials said demands for made in Bangladesh goods particularly garments in global market increased to a large extent in the recent months as more recession-hit people in Europe and America started to throng shopping malls.

EPB chief Jalal Ahmed told Xinhua Wednesday," We're expecting continuation of the export boom."

He said the garment exporters have informed him recently that they are bagging more orders from buyers in Europe and America after the worst hit of global economic recession which took toll on the country's export sectors since the beginning month of the last fiscal year.

In context of the global economic recession, Bangladesh's export earnings in the first month of the last 2009-10 fiscal year plunged 6.80 percent compared with the same period of the previous 2008-09 fiscal year (July 2008-June 2009).

"Our export posted hefty growth in the beginning month of this fiscal year as earnings from readymade garment including knitwear and woven export boomed," Ahmed said.

Of total export earnings in July, the EPB data showed about 1. 47 billion U.S. dollars came from export of ready made garment which contributed about 77.1 percent of the total export income of the country in the last 2009-10 fiscal year.

The EPB chief, however, expressed the hope that the garment export boom will ultimately drive the country to reach merchandise export target set for the current fiscal year.

The Bangladeshi government at the end of last month set export target for the current fiscal year at 18.5 billion U.S. dollars, marking a more than 14 percent growth over that of the previous fiscal's actual earnings.

Source:Xinhua