Bangladesh’s March exports shine despite Russia-Ukraine war

Bangladesh’s export earnings stood at $4.76 billion in March, up from $4.29 billion in February, according to Export Promotion Bureau data.

The exporters of the country said Russia-Ukraine war did not put any impact on the Bangladesh’s export earnings.

Russia has emerged as one of the top export destinations for Bangladeshi apparels. Apparels worth $700 million were shipped to the Russian federation in the 2020-21 fiscal year.

This year, the export target to Russia was set at $1 billion. But the war that broke on February 24 has affected Bangladesh’s out-bound trade for Russia, Ukraine and some east European markets.

However, readymade garment exports recorded $31.41 billion during July-March of the current fiscal year. Of the revenue, knitwear comprised $17.11 billion and woven apparel $14.30 billion, respectively, EPB data shows.

“It is likely that footwear exports about to reach $1 billion but because of the war fangs, the trade was affected. We are now worried whether we could reach the target or not by the end of the financial year,” Syed Nasim Manzur, Managing Director of Apex Footwear Ltd, told Business Insider Bangladesh.

Meanwhile, farm product exports increased by 28 percent during July-March year on year and fetched $958 million while Leather and leather goods export was hiked by 31 percent fetching $896 million almost near to the target of pre-pandemic level of $1 billion.

The most potential sector engineering goods brought in $603 million, increasing by 54 percent year on year. Unfortunately, jute and jute goods exports declined by 7 percent to $887 million from $953.57 million. Meanwhile, live and frozen fish exports increased by 18 percent to $436 million, according to EPB.