The gloomy outlook of the world economy have challenged into the export earnings of Bangladesh this financial year. Exporters and economists are calling for policy support to aid recovery.
In the first ten months of 2016-17, export earnings stood at $28.72 billion, lower than the ten-month target of $30 billion.
During July to April, all major sectors recorded a decline in export shipments including apparel, which accounts for 82 percent of the export receipts.
Export earnings from garment shipments grew only 2.21 percent in the first ten months 2016-17. It is hoped that the new budget, to be announced on June 1, should address the problems the exporters are facing. Export receipts during the period were 6.06 percent lower than the target of $24.62 billion.
Apparel exporters said a ‘silent recession’ is happening in their main export destinations in Europe, caused by General Elections in four major economies in 2017.