Bangladesh’s export in the USA declined by 8.42 per cent during the first quarter (July-Sept) of the current fiscal (FY), 2014-15, mainly due to poor performance of major exportable items to the US market, reports UNB. In the same period China, India and Viet Nam increased market share in the USA.
Bangladesh exports to the USA totalled US$1,343.13 million in the first three months (July-Sept) of FY 2014-15 compared to $1,466.65 million during the corresponding period of the previous FY 2013-14.
The three-month export figures for FY 15 represents 17.45 per cent of the country’s total export earnings.
According to the statistics compiled by the Export Promotion Bureau (EPB), the major exports to the US market during the three-month period were woven garment ($911.22 million), knitwear ($339.00 million), frozen shrimp ($4.74 million), home textiles ($23.85 million) and cap ($10.99 million).
During the period, around 30.76 per cent of the country’s total woven garment exports entered the US market, followed by knitwear 10.37 per cent.
Bangladesh’s export earnings from the US in fiscal 2013-14 were impressive totalling $5,583.62 million, up from $5,419.60 million notched in fiscal 2012-13.
The country’s export earnings to its major export destination totalled $5,100.91 million in FY 2011-12, slightly down from $5,107.52 million in FY 2010-11.
The export earnings in FY 2009-10, however, totalled $3,950.47 million, down from $4,052.00 million in FY 2008-09, mostly because of the global economic recession.
The FY 2009-10 marked the end of an ups-and-down period for Bangladesh exports to the US. From the robust $2.5 billion during the FY 2000-01, exports had fallen below $2.0 billion by FY 2003-04.
Exports to the US rose steadily to cross the $3.0 billion mark in FY 2005-06, and peaked at nearly $3.6 billion during the FY 2007-08.