BM Desk Report: Ready made Garment Exporters did not remit US$ 1199 million or about $ 12 billion worth of product they exports during the outgoing fiscal year 2022-23, Bangladesh Bank claimed Monday. Apart from that US$ million worth of service export did not come to the country.
The Export Promotion Bureau (EPB) officially publishes the country’s exports of goods and services. According to their data, in the financial year 2022-23, the export of goods was worth $55 billion. Out of this, Bangladesh Bank has confirmed that the export income of $43.57 million has come to the country. That means $1. 19 billion of exports in that financial year did not come to the country.
Around 84 percent of Bangladesh’s product exports come from ready-made garments. According to EPB, readymade garments exports worth $4,699 crore last fiscal year. However, Bangladesh Bank says that 3 thousand 695 million dollars came to the country from the export of ready-made garments in the last financial year. That means 1,400,000 dollars worth of garment exports in the last financial year did not arrive in the country until last June.
Similarly, in the fiscal year 2022-23, jute and jute products worth 91 million dollars were exported, but 91.5 million dollars came into the country. Of the $122 million exports of leather and leather products, $131 million returned to the country. Again, home textile products worth 110 million dollars were exported, but 73 million dollars came to the country.
According to the report, exports of goods in the outgoing fiscal year 2022-23 were less than USD 3 crore compared to the fiscal year 2021-22. However, exports increased by 3.48 billion dollars.
According to EPB data, services exports were worth $7.49 billion in the last financial year. Of this, 7.4 billion dollars came to the country. In other words, 9 million dollars of service sector exports did not come to the country.
When asked, Bangladesh Bank spokesperson Mejbaul Haque told to media, “We have said before that there is a difference between the accounts of Bangladesh Bank and EPB.” As much export money comes through the bank, Bangladesh Bank calculates that amount. On the other hand EPB provides statistics by adding various accounts including export processing zone (EPZ), short shipment, discount.
A tripartite committee is working to explain the discrepancy between Bangladesh Bank and EPB figures. Many things will be clear when the report of the committee is available.
In response to another question, Majbaul Haque said that income from export of goods comes later in many cases. Re-exports also occur.
On the other hand, the executive president of BKMEA, the association of knitwear industry owners, Mohammad Hatim told to media, “We have been saying for several months that there is confusion about the export statistics of EPB products. On the other hand, we have been asking Bangladesh Bank for a long time to reveal who is not bringing in export earnings within the stipulated period of 120 days. But Bangladesh Bank did not give us any information. As a result, it is not possible for us to explain why the exports of ready-made garments did not reach 10 billion dollars in the last financial year.
