Home Economy Bangladesh’s Export Income Surpassed $50bn

Bangladesh’s Export Income Surpassed $50bn

Bangladesh's Export Income Surpassed $50bn
Photo Courtesy: Financial Express

As per the Export Promotion Bureau (EPB), Bangladesh is projected to export more than $50 billion in goods and services. This is for the first time in the FY 2021-2022. EPB is fixed to reveal the final export at the beginning of July 2022. Bangladesh received $47.17 billion in the July-May 2022 session of the outgoing fiscal year. The article contains Bangladesh’s Export Income Surpassed $50bn for the first time ever.

Export Promotion Bureau Vice-chairman AHM Ahsan said, if service exports were included, the total may reach $58 billion in 2022. Therefore, Bangladesh became a member of the $50 billion export club. In the 2018-19 fiscal year, Bangladesh’s exports were $40 billion. In 2019-20, the coronavirus pandemic reduced it to $33.67 billion before rebounding to $38.76 billion in 2020-21.

As the fiscal year, 2021-22, got underway, the government sought to boost export revenue. Accordingly, the ministry of commerce, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) have all worked collaboratively to boost Bangladesh’s exports in recent years.

This massive export order was made possible partly by the government’s attempt to keep the garment industry running, which included giving stimulus loans to pay workers’ salaries. In addition, Bangladesh got a slew of export orders when the European Union and the United States eased their restrictions on imports of Covid-19-infected items.

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