Industry And Cluster | News & Insights

In July, Bangladesh’s export profits fell by 11%

Published: August 4, 2021
Author: Manali bhanushali
Bangladesh’s exports fell 11.19 percent in July 2021 owing to a drop in shipping of readymade garment items as factories remained closed for 12 days due to Eid-ul-Azha, one of the most important religious festivals for Muslims, and Covid restrictions.
Export profits dropped by $437.49 million to $3.47 billion in the first month of the current fiscal year of 2021-22, from $ billion in the same month of 2020. Exporters said that export revenues in July 2021 were down more than 11% owing to a drop in shipping from July 20 to July 31 when companies were idle for Eid and the government imposed a Covid outbreak.
Bangladesh Garment Manufacturers and Exporters Association president Faruque Hassan said that the exports started rebounding and earnings in some cases surpassed the pre-pandemic level but the factory closure in July slowed the pace of the growth. A very negligible quantity of export goods was shipped during July-20-31 as factories remained closed in the period due to Covid restrictions and Eid holidays.
Agriculture export profits decreased 2.88 percent to $98.15 million in the first month of FY22, from $101.06 million. However, export profits from leather and leather items grew by 0.64 percent in July 2021, to $90.52 million from $89.94 million in the same month in 2020. Exports of frozen and live fish declined 13.43 percent, while shrimp exports dipped 5.36 percent.

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