Bicycle Export to Germany Faces Setback

Bangladesh's apparel exports to the US saw a 10.27% decline, totaling $4.09 billion during January-July 2024, down from $4.56 billion the previous year. Export volume also fell by 4.55%. Meanwhile, competitors like China and Vietnam outperformed Bangladesh, despite their own declines.

Local exporters are urging the government to lower cargo fares and increase cargo space for fresh vegetables and fruits to enhance export earnings. The Bangladesh Fruits, Vegetables & Allied Products Exporters Association (BFVAPEA) has appealed to various state agencies and Biman Bangladesh Airlines, citing challenges such as tripled cargo fares and limited space.

The Export Promotion Bureau (EPB) plans to publish revised export data after months of delay due to significant discrepancies between its data and that of the central bank for the last fiscal year. The revised figures come after discussions with multiple organizations, including the National Board of Revenue, Bangladesh Export Processing Zones Authority, Bangladesh Bank, and the Bangladesh Bureau of Statistics.

Overall exports from Bangladesh fell by 4.34% year-on-year in FY24, reflecting a slowdown in industrial activities and the broader economy.  The country’s exports totaled $44.47 billion in FY24, down from $46.49 billion in FY23, according to central bank data sourced from the NBR, as the EPB under the Ministry of Commerce is currently not updating statistics due to a three-month halt for recalibration following earlier reported errors.

According to BIDA, the global agriculture market is expected to hit $19,000 billion by 2027, with a CAGR of 9.1%. In comparison, Bangladesh's agricultural market stands at $47.54 billion, suggesting considerable growth potential.

Many leading Bangladeshi companies are facing scrutiny for not repatriating significant export proceeds. The top 20 firms in Dhaka have failed to bring back $559 million, while the top 20 in Chattogram have not repatriated $30 million. Notable offenders include Crescent Group, with over $173 million unreturned, and Bismillah Group, with approximately $124 million. Beximco Group also has around $100 million in overdue proceeds. These delays are raising concerns about possible financial misconduct.