July-Aug export declines

Exports have nosedived against targets in the first two months of the
fiscal year compared with figures from the same period last fiscal,
Export Promotion Bureau statistics show.    The EPB figures indicate
exports in the first two months fell by 6.86 per cent against the
target, 3.29 per cent lower than exports in Jul- Aug 2008.    This
trend is likely to continue through incoming months, an expert on
foreign trade has said, considering a 13 per cent greater export
earning target this fiscal.    Zayed Bakht, BIDS research director,
told bdnews24.com, 'We happen to export most of our wares to Europe
and the US, who are still trying hard to come out of the shadows of
the all-encompassing recession.'    'The still conservative trends
may cut our moderately ambitious export earning targets attainment
through the first and second quarters.'    Md Shahabullah, EPB vice
chairman, told bdnews24.com, 'The last fiscal year saw a stupendous
60 per cent export growth in July and another 42 per cent in August
juxtaposed with which the current year's earnings look dwarfed.'
'Escalation of export growth rates might occur at different times
through years. Bangladesh is expected to do better towards the
year-end in meeting the target.'    The overall export earning target
in the last fiscal fell short in the end by 4.50 per cent, EPB
statistics revealed.    As per the EPB figures, exports in all sub-
sectors—woven, knit, textile fabrics and home textiles—of the main
sector of readymade garments have fallen.    Processed food products,
tea, leather and ceramic wares exports also nosedived. Chemical
products, bicycles, computer software and services and handicrafts
exports which shone last year have experienced cuts too.    But
exports of electronic equipment, jute goods, agro-based—especially
processed agricultural products including vegetables, tobacco
etc—have been augmented.    The knitwear exports in Jul-Aug have
bagged $1204.31 million, which fell short of the current year's
target by 3.66 per cent and 0.48 per cent compared with the last
year's earnings.    During the same period, woven wear exports earned
$1011.87 million, which fell short of the current year's target by
11.68 per cent and 2.06 per cent compared with the last year's
earnings.    FBCCI president Annisul Huq told bdnews24. com, 'Usually,
the first couple of months see export earnings escalating. But this
year, the picture is different.'    'I'll say we have to exercise
caution even if we refrain from raising an alarm reacting to this
situation.    'The overall exports and imports—both sectors have
experienced cuts. Imports of raw materials and capital equipment have
seen reductions. Foreign currency reserves have risen.'