The New Nation - Internet Edition

NATION BUSINESS REPORT

The country's export earnings in November surged 13.4 percent to $1.297 billion from a year earlier on the back of increased sales of clothing and other textiles, data from the Export Promotion Bureau showed yesterday.

Export earnings in the period from July to November, the first five months of the 2008/09 financial year, also grew 26.8 percent to $6.55 billion, the data showed.

Earnings from knit textiles during the period rose 35 percent to $2.7 billion from the previous year, while exports of woven garments rose 25 percent to $2.3 billion.

Exports hit a record $14.11 billion in the 2007-08 financial year, of which almost $10.7 billion came from garments. Bangladesh has set an export target of $16.298 billion for the year to June 2009.

The projected target for knitwear is $6.58 billion, up 19 percent from the last fiscal year. The target for woven garments is $5.68 billion, up 10 percent.

Exporters say many foreign buyers are now flocking to Bangladesh for low-end textile products because key markets hit by the global financial crisis, such as the United States and Europe, are looking for cheaper goods.