Bangladesh's exports surged 15.87 percent to $14.11 billion in the 2007/08 fiscal year that ended in June from a year earlier thanks to a rise in clothing sales, but were 2.7 percent below the government's target, official data showed. In June, export earning grew 20.65 percent to $1.47 billion, Export Promotion Bureau data showed on Tuesday.
Export volume increased by 14 percent while prices rose only 1.82 percent. Earnings from knitwear garments in the July-June period grew 21.5 percent to 5.53 billion, 1.24 percent up from the target.
Exports of woven garments increased nearly 11 percent to $5.17 billion, around $233 million short of target. Exporters blamed the failure to hit the targets on political uncertainty in Bangladesh and falling export demand from Europe and the United States.
Ready-made garments generate three-quarters of Bangladesh's annual export income. Garments, especially knitwear, have driven Bangladesh's export performance since global export quotas were phased out at the end of 2004.
Among other items, exports of frozen food rose 3.6 percent to $534 million from a year earlier. Leather exports rose 6.9 percent to $284 million. The country has been under a state of emergency since an interim government took office in January following months of political violence. The government has promised elections before the end of this year.