Bangladesh's exports in July grew by nearly 15 percent from a year back and exceeded the target, in a strong start to the new fiscal.
Amid the deficit and widening gap in the balance of payments during the last fiscal, the Export Promotion Bureau (EPB), released this information on Tuesday.
According to the EPB data, Bangladesh exported goods worth USD $3.98 billion in July of FY23, which was $3.47 billion in the same month of FY22. It shows that the export income grew by around 15 percent.
Read:Mongla Port witnesses first RMG export thanks to Padma Bridge
The government has set an export target for July of $3.92 billion and at the end of the month, the export overshot by $ 60 million.
However, compared to June, exports fell by nearly $1.0 billion in July. Last June, Bangladesh exported goods worth $4.91 billion.
According to export data for July, knit and woven garments exports amounted to around $3.37 billion, which is 16.61 per cent higher than the same period of the previous year.
Read Bangladesh sets export earnings growth target at 15% this fiscal
Garment exports worth $2.89 billion in July last year. However, in the recently concluded fiscal year 2021-22, the export growth in the garment sector was around 35 per cent.
The EPB data shows that Bangladesh exported goods and services in FY22 worth $60.08 billion, which grew by 17.80 per cent more than the fiscal target of $51 billion.
In the outgoing fiscal year, Bangladesh earned $52.08 billion from exporting goods against the target of $43.5 billion. It shows 19.73 per cent growth.
Read Leather sector can hit $12 bn in export earnings by 2030: Speakers
From the service sector, Bangladesh earned $8 billion in FY22 against the target $7.5 billion, which saw a growth 6.67 per cent than the fiscal target.
Bangladesh made a record in exporting both goods and services in FY22 thanks to increasing consumption across the globe.
The government set a 15 percent credit growth target in the current fiscal year and a $67 billion export target for the current fiscal year.