According to the Export Promotion Bureau (EPB), Bangladesh is projected to export more than $50 billion in goods and services for the first time ever in the 2021-2022 fiscal year. EPB is scheduled to reveal the final export at the beginning of next month (July). The country received $47.17 billion in the July-May session of the outgoing fiscal year.
According to Export Promotion Bureau vice-chairman AHM Ahsan, if service exports were included, the total may reach $58 billion this year. As a result, Bangladesh became a member of the $50 billion export club.
In the 2018-19 fiscal year, Bangladesh’s exports were $40 billion. In 2019-20, the pandemic of the coronavirus reduced it to $33.67 billion, before rebounding to $38.76 billion in 2020-21.
As fiscal year 2021-22 got underway, the government was looking to boost export revenue. The ministry of commerce, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) have all worked collaboratively to boost Bangladesh’s exports in recent years.
This massive export order was made possible in part by the government’s attempt to keep the garment industry running, which included giving stimulus loans to pay workers’ salaries. Bangladesh got a slew of export orders when the European Union and the United States eased their restrictions on imports of Covid-19-infected items.