Exports in Bangladesh cross-historic milestone
Based on data released by the Bangladesh Exports Promotion Bureau, the Leathergoods & Footwear Manufacturers & Exports Association of Bangladesh confirmed that the overall exports earnings from the leather industry totaled 1.23 billion US dollars, including finished leather, leather goods and footwear. T he exports earnings from the leather industry crossed the export target of 1.22 billion US dollars for this fiscal year. The exports earnings from leather goods totaled 464.43 million US dollars, crossing the target by 3.21%. E xports earnings from leather footwear reached 536.96 million US dollars crossing the threshold of 500 million US dollars and the export target by 9.58%. However, the export earnings from finished leather were 232.61 million US dollars, when the export target was 280 million US dollars. In the finished leather sector, the export earnings are 16.93% less than the target and declined 45.49 million US dollars compared to the previous fiscal year 2015-16. Besides, leather goods and footwear sector has a positive growth of 19.63% and 8.53% accordingly, compared to the previous fiscal year. However, the overall exports growth in the country dips to 15 years low. If we go back to fiscal 2010-11 the exports growth rate achieved a 41.49% high, and it has been registering ups and down in the last few years. In the 2016-17 fiscal year the growth rate was only 1.69%. The overall export target of Bangladesh Export Promotion Bureau was underachieved by 5.85%. The local authorities point out as main reasons for this performance the volatility of the exchange rates, the taka appreciation and the Brexit impact as the UK is the third largest exports destination for Bangladesh.