Bangladesh 2011 export growth reflects price increases on modest volumes

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BANGLADESH's exports growth by value is attributed to the steep increase in raw materials' price and exchange rate fluctuations against a slight volume increase for sea and air cargo, a 6.98 per cent increase year on year of 423,867 TEU.

The volume of total goods exported during 2011 was rather modest, according to Anwar-ul Alam Chowdhury, garment exporter and former president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), reported the Dhaka Daily Star.

"We saw more than 40 per cent export growth in 2010-11 due to a hike in the prices of raw materials and exchange rates" creating a record of US$23 billion led by garment sales," said Mr Chowdhury.

Raw material prices, such as cotton, yarn and leather, increased by two to three times showing growth in terms of US dollars, said BGMEA president Shafiul Islam Mohiuddin. Prices for chemicals also increased. @FAXTEXT = Exports by air were down by 27 per cent year on year lower than 2010 tonnage of 155,221 tonnes at 113,481 tonnes due to a rise in on-time delivery, Mr Mohiuddin added.

It forecasts a growth for current financial year of 16 per cent year on year to reach $26.5 billion with its first half of fiscal 2011-12 up 14 per cent to $13.92 billion, just shy of this, according to latest figures from Export Promotion Bureau (EPB).

Source Shipping Gazette - Daily Shipping News
 

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