World Business News Tuesday

Exports proceeds stand at
$12.64b in 11 month
Kazi Azizul Islam

The country’s export earnings in July–May of the last fiscal year amounted to $12.64 billion, with a growth of 15.33 per cent over that in the same period of the previous fiscal.
Readymade garment, the major export item, showed a steady growth while raw jute, agricultural products and tea also achieved encouraging growths.
Export earning from jute goods, handicrafts, among other major products, however, declined, said the Export Promotion Bureau monthly report released on Monday.
The export earning target for the just ended fiscal was set at $14.5 billion, projecting a 16 per cent growth.
According to the EPB report, July–May export proceeds from readymade garments stood at $9,576 million.
Export earnings, in the period, from knitwear grew by 21.2 per cent to $4.93 billion crossing the target by 0.6 per cent.
Raw jute earned $157 million with 14 per cent growth, earning from ceramic products grew by 24 per cent to $35 million, textile fabrics, 69 per cent to $59 million while tea earned $14 million which is 147 per cent more than its earning in the same period a year ago.
In July-May of FY-07 export proceeds from woven wear segment grew by 10.6 per cent, over the corresponding period, to $4.63 billion although the product segment missed its target, set for the period, by 4.4 per cent.
A number of items also posted less-than-expected growth rates in the period. Of them, export earnings from frozen foods rose by 4 per cent to $482 million, finished leather 7 per cent to $262 million, home textile 12 per cent to $264 million and terry towel 5 per cent to $103 million.
Jute goods, with earnings worth $293 million, handicrafts with $5 million and computer services including software with a $21 million, in the period, faced negative growths at the rates between 2 and 30 per cent.
The EPB report shows that the overall export in May 2008 grew by 22 per cent to $1.27 billion from that in May 2007. But, the amount fell 6 per cent short of the export earning target for the month.
In July-May, the average export volume of primary products increased by 8 per cent and manufactured goods by 15 per cent from that in the same period of the previous fiscal year.
The average prices of primary products increased by less then 12 per cent but that of manufactured products declined slightly by 0.01 per cent, meaning that real earnings from exports were on the decline as manufactured products contribute nearly 90 per cent to exports.


Bangladesh fair in KL fetches
huge orders
Bangladesh Sangbad Sangstha . Dhaka

The 4-day Bangladesh Single Country Trade Fair in Malaysia has fetched huge spot order.
The participating service and manufacturing companies have achieved order worth about 10 million US dollar, according to a message received here today.
Among the participating commercial banks, National Bank Limited has accorded permission from the Central Bank of Malaysia to open an exchange house. Initially NBL will open four braches at different places of Malaysia.
Pubali Bank has finalised remittance agreement with three leading exchange houses in Kuala Lumpur. NCC Bank managing director Nurul Amin said that they have also finalised remittance deal with three renowned exchange companies of Malaysia. AB Bank Limited has also fixed similar agreement with several remittance companies in Malaysia.