A man counting US dollars.—File Photo
A man counting US dollars.—File Photo

DHAKA: Bangladesh's exports rose 5.9 per cent to $24.3 billion in the year ended June, falling short of a government target as demand for garments from key Western markets waned, the country's trade promotion body said on Tuesday.

The total fell nearly 8.4 per cent short of a target of $26.5 billion originally set on hopes for solid garment shipments to Europe and the United States, which account for almost 70 per cent of sales.

Ready made garment sales for the fiscal year rose 6.56 per cent from a year ago to $19 billion.

“Our growth was still good considering the weakening global economy which cut demand sharply,” said Shubhashish Bose, head of the Export Promotion Bureau.

For the new year starting July 1, the government expects exports to reach $28 billion as it seeks to diversify into new markets such as Japan, China, India, Russia, Brazil and South Africa.

Bangladesh's economy and exports have been boosted recently by a dramatic shift in global garment orders from China to lower-cost Bangladesh.

Bangladesh's low labour costs have helped it join the global supply chain for low-end clothing, manufacturing garments for international brands such as Tesco, JC Penney, Wal-Mart, H&M, Kohl's, Marks & Spencer and Carrefour.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.