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Bangladesh exports hit $50 billion in 2024

Published : Sunday, 5 January, 2025 at 12:00 AM  Count : 88
Business Correspondent
Bangladesh's exports reached $50 billion in 2024, following a strong growth in December amid several challenges, including external account pressures.

Exports grew 8.3 percent in 2024 compared to 2023, according to data from the Export Promotion Bureau (EPB) released on Thursday, after a day of posting of a record high inward of $26.9 billion in 2024, by the Bangladesh Bank.

Of the total $50 billion, exporters earned $4.62 billion in December alone, an 18 percent increase compared to the same month in the previous year.

The growth is largely attributed to the strong performance of the readymade garment (RMG) industry -- the backbone of the country's economy.

December's export receipts were the highest since March 2024, when the country earned over $5 billion.

In the first six months of the current fiscal year 2024-25, exports rose by 12.84 percent to $24.53 billion.

During the July-December period, garment shipments, the top export earner, increased by 13.28 percent to $19.88 billion.

Of the total garment exports in July-December, $10.83 billion came from knitwear exports -- a 13.01 percent year-over-year increase.

Exports from the woven segment contributed $9.05 billion -- up 13.60 percent year-over-year.

Leather and leather goods exports grew 10.44 percent to $577.29 million in the last six months. Cotton and cotton product exports increased 16.32 percent to $319.06 million.

According to EPB data, home textile exports increased 7.85 percent to $410.81 million in July-December, while non-leather footwear exports surged 39.10 percent to $273.89 million.

Frozen and live fish exports grew 13.01 percent to $245.71 million and agricultural product shipments increased 9.31 percent to $595.51 million, data showed.

Plastic goods shipments went up 29.72 percent to $157.94 million in July-December.

However, some traditional export items, such as jute and jute goods, saw a decline in merchandise shipment during the July-December period. Jute and jute goods exports fell 8.11 percent to $417.39 million.

Exporters hope that 2025 will bring stability as normalcy begins to be restored in businesses after turbulent times both domestically and internationally.

Local businesses have been severely affected by various internal and external issues over the past few years. For them, just-past 2024 was a challenging year as firms now hope to avoid a recurrence of the adverse incidents that affected their trade.



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