Bangladesh exported goods valued at USD $3.83 billion in May, which was the lowest in 9 months of the current fiscal year (FY), according to an Export Promotion Bureau report released on Thursday.

The fall comes amid declining remittance from Bangladeshi expatriates and the economic crisis due to Russia Ukraine war.

The EPB, however, said despite the fall of export income Bangladesh will make an export record of $40.71 billion in 11 months (July to May) in the current FY 22. 

It shows 34.9 per cent growth of export income compared to FY 21.

Earlier in FY-19, Bangladesh earned $40.53 billion in a fiscal year that was the highest so far.

The officials of export promotion bureau and businesses hoped that the country will make a history exporting around $50 billion in this fiscal as the a rush for export order was evident after easing of Covid-19 pandemic in the Western world, the main destination of Bangladesh products.

But the export orders saw a downfall after the Russian invasion in the Ukraine.

READ: Jute, jute goods export income rose by 40pc

Professor Mustafijur Rahman, distinguish fellow of CPD said, though Bangladesh does not export a big volume of goods to Russia and Ukraine, the war has impacted severely on the economy of European Union countries.

Prominent Western economists have warned of another recession due to Russian invasion, if the war is prolonged. 

In that case the global economy along with Bangladesh will face a new challenge, he said.

The EPB data showed that the export earnings in April 2022 increased by 51.18 per cent to $4.73 billion from $3.13 billion in the same month of 2021.

The highest earning was $4.90 billion in the December of this fiscal year. The second highest was in January of $ 4.75 billion. In March export earnings stood at $ 4.76 billion that was $ 4.29 billion in February.

Bangladesh set an export target of $51 billion for FY 22. Of which 40.71 has been achieved so far.