As a result of a fall in the shipment of clothing, the main export good, together with persistently high inflation in Western countries, export revenues fell 16.52% annually to $3.95 billion in April.
According to the most recent data from the Export Promotion Bureau (EPB), earnings from the export of clothing decreased by 15.48%.
However, the total export rose 5.38% year-on-year to $45.67 billion from July through April of the current fiscal year.
In that time, clothing exports increased by 9% to $38.57 billion. $20.96 billion of the total came from the export of knitwear, which increased by 8.97% year-on-year.
The amount made from exporting woven clothing increased by 9.24% to $17.60 billion.
“The export of apparel items had been declining for the last few months, albeit slowly,” Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association, was quoted as saying by the Daily Star.
Higher prices for value-added clothing items combated the recent decline in exports. But quality and quantity can no longer stop the decline in exports.
“There is a chance that clothing sales would increase starting in July if the bank interest rate in Western countries is not increased more and the old stock of unsold garment goods runs out,” Mr. Hassan said.
The majority of the big industries also struggled from July to April.
For instance, the shipment of agricultural items, leather, and leather-based products, jute and jute goods, frozen and live fish, and home textiles decreased.