Despite the failure to meet export earning target set for the fiscal 2013-2014, the country managed to fetch a record amount of foreign exchange worth $30,176 million, which is around 12 percent more than that of the previous fiscal.
The export earning in the just-ended fiscal experienced a shortfall of target by 1.06 percent though the ready-made garment sector, especially the knitwear sub-sector showed a significant growth in export earnings. Data released by the Export Promotion Bureau (EPB) suggests that the country in the fiscal year 2013-2014 was set to bring foreign exchange worth $30,500 million but it brought $30,176 million.
The country, however, enjoyed 11.65 percent growth in earning revenue during last fiscal over that of the fiscal 2012-2013. EPB data said that the country in the fiscal 2012-2013 brought $ 27,027.36 million from export.
The foreign currency earned from export of knitwear products, a sub-sector of the RMG sector, surpassed the target by 4.09 percent in last fiscal. The sector marked a 15.02 percent growth in export over that of the fiscal 2012-2013.
The sub-sector was set to bring $11,575.46 million while it brought $12,049.07 million during last fiscal. In the fiscal 2012-2013, the knitwear sub-sector bought $ 10,475.88 million from export. This year’s earning from knitwear was 15.02 percent higher than that of last fiscal.
Woven sub-sector enjoyed a 12.70 percent growth in export earning in 2013-2014 fiscal, comparing to that of previous fiscal but it saw a shortfall of 1.03 percent in meeting target set for last fiscal.
EPB data also suggests that major sectors like agriculture products, plastic products, jute and jute goods, home textiles and engineering products failed to meet targets set for the year. During the fiscal 2013-2014, the target for export of agricultural products was set at $643.78 million but it managed to fetch $615 million, making a 4.46 percent shortfall of the target. Plastic products sector saw a 4.16 percent shortfall of target in earning revenue from export as it brought $ 85.70 million against the target of $ 89.42 million.
Jute and jute goods sector experienced a 29.13 percent shortfall in meeting export target. The sector was given a target of bringing $ 1163.45 million foreign currency for the fiscal but it fetched $ 824.49 million.
On the other hand, many other sectors including frozen foods, leather, leather products, handicrafts and ceramics products surpassed revenue earning target during the mentioned year. EPB data said that frozen food sector that includes shrimp and frozen fishes brought foreign exchanges of $ 638.19 million against the target of $ 578.77 million.
Leather products saw a remarkable growth in earning revenue during last fiscal year. Data said that the sector was set to bring $ 210.11 million by exporting goods while it fetched $ 240.09 million, surpassing the target by 14.27 percent.