Sunday, December 5, 2010

Bangladesh Sees huge Export Revenue Growth in July-November 2010

Bangladesh export has witnessed tremendous growth in the July-November 2010 period (first five months of the 2010-11) fiscal year. According to Export Promotion Bureau of Bangladesh, compared to the same period of 2009 (July- November 2009), 36% increase in export revenue has taken place.
Of course, last year, during this time, the whole world was suffering from economic recession. During July-November 2010 period, Bangladesh has earned nearly $8.27 billion of export revenue. The lion’s share has come as usual from the ready made garments (RMG) sector. Then it was frozen fish (mainly shrimp) and agricultural products.
There is a good news for the RMG sector: Knitwear may get Japan's zero tariff
The increase in export figure shows that Bangladeshi economy is moving in the right direction. The country also earns a lot of money from remittance sent by workers living in different countries of the world.
What is needed is diversification of export products and services. Secondly, this money should be utilized properly to generate jobs. 

1 comment:

  1. Glad to see a South Asian country other than India is growing. India is always the center of attention in the news of how the economy is growing (esp the tech sech), the only problem with India is the corrupt politicians. Hopefully Bangladesh doesn't have that problem.