With the coronavirus pandemic pounding the global economy, Bangladesh’s export earnings in April dropped below the remittances received for the first time in its history. Expatriate Bangladeshis sent $1.08 billion in the month, calming fears of remittance dropping below $1 billion. Remittance accounts for 12 percent of Bangladesh’s GDP.
The businesses exported goods worth $520 million, just a little over half the remittance.
The export earnings missed the target by 85.37 percent. The year-on-year for April was 82.85 percent.
In the pre-pandemic era, export earnings would normally outstrip remittances two to three times over.
In July last year, remittance was around $1.6 billion while exports were nearly $3.6 billion.
The country exported readymade garments (knit, woven) worth only $369 million in April, compared with $2.42 billion at the same time last year.
The $34 billion apparel industry contributes more than 80 percent to Bangladesh’s total exports. ♦
