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Export to USA sees 2.23pc growth in 3 quarters

DHAKA, May 24, 2018 (BSS) - Export earnings from the USA, one of Bangladesh's key destinations, witnessed 2.23 per cent growth in the first three quarters (July-March) of the current fiscal (FY18) compared to the corresponding period of the previous fiscal (FY17) due to the good performance of readymade garments (RMG).

Bangladesh exports to the USA totaled $ 4,414.67 million in July-March (2017-18) period compared to $4,318.25 million in the corresponding period of the previous fiscal (2016-17). The amount represents 16.08 per cent of the country's total export earnings during the period.

According to the statistics of the Export Promotion Bureau (EPB), the major exports to the US market during the July-March period were woven garment ($2,915.45 million), knitwear ($1,013.95 million), home textiles ($140.99 million) and cap ($ 97.05 million).

During the period, around 25.32 per cent of the country's total woven garment exports entered the US market, followed by knitwear (8.96 per cent) and home textile (18.23 per cent).

Despite political unrest, Bangladesh's export earnings from the US in fiscal 2014-15 were impressive with $5.783 billion, up from $5.583 billion in fiscal 2013-14.

Export earnings from the USA, however, witnessed a 6.01 per cent fall in the last fiscal (2016-17) compared to the previous fiscal year (2015-16) mostly due to the moderate performance of the RMG sector.

Bangladesh exports to the USA totaled $5,846.64 million in the last fiscal (2016-17) compared to $6,220.65 million during the previous fiscal (2015-16).

The exports in fiscal 2012-13 were also impressive with $5,419.60 million.

The exports in 2011-12 were also laudable totaling $5,100.91 million, slightly down from $5,107.52 million in fiscal 2010-11.

The export earnings in fiscal 2009-10, however, totaled $3,950.47 million, down from $4,052.00 million in 2008-09, mostly because of the global economic recession.

The 2009-10 fiscal marked the end of an ups-and-downs period for Bangladesh exports to the US.

From the robust $2.5 billion during the 2000-01 fiscal, exports had fallen below $2 billion by 2003-04. Exports to the US rose steadily to cross the $3 billion mark in 2005-06, and peaked at nearly $3.6 billion during the 2007-08 fiscal.