Export of Bangladeshi products to European Union (EU) witnessed an 8.65 per cent growth in the fiscal year 2008-09 ended in June.
Country’s shipment to 26 out of total 27 EU member countries reached US$ 8.2 billion at the end of last fiscal year, which was US$ 7.6 billion in FY 2007-08, data revealed by the Export Promotion Bureau (EPB) showed.
“We expected growth over 10 per cent in export to the EU,” a well-placed EPB officer told the FE adding that it began to slow down by the first quarter-end of last fiscal year (2008-09).
Shrinking purchase order in readymade garments (RMG) export triggered by global financial recession that started burning European markets by September 2008 was the main reason for the slower growth, the EPB officer said.
Export to Europe faced several other challenges during the period, he elaborated adding that “Self imposed ban on frozen food export and falling market of leather and jute items in Europe also worked as major catalyst to this slow down.”
According to EPB sector-wise export performance record, apparel export covers 85 per cent (US$ 7.1 billion) of the country’s total export to EU in fiscal year 2008-09. Frozen food was the second largest exportable items to EU, earned US$ 0.23 billion, covering 2.8 per cent of the country’s total earning, the data revealed.
Germany was the largest importer of Bangladeshi products in EU during last fiscal, followed by the UK. Export earnings from Germany registered an increase of 4.37 per cent at the end of FY 2008-09 comparing to the previous fiscal. Export earnings from the country totalled US$ 2.27 billion in FY 2008-09 against US$ 2.17 billion in FY 2007-08.
Besides that, Bangladesh’s export earnings from UK totalled US$ 1.5 billion in last fiscal against US$ 1.3 billion in FY 2007-08.
With the economic recession slowly easing out and export ban deadline on frozen food likely to over soon, Bangladesh’s export performance to the region likely to witness a healthier picture ahead, experts related to the country’s international trade forecast.
Other than textile and frozen food, Bangladesh exports tea, agri-products, leather and leather goods, raw and processed jute goods and some other exportable items to EU
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