Service sector exports surpass in H1 FY19
Published : Thursday, 14 February, 2019 at 9:32 AM Count : 270
The export by Bangladesh's growing service sector has increased by 50.48 per cent in first six month in the current fiscal year (2018-19) from July to December period.
Export Promotion Bureau (EPB) sources said, Bangladesh received a total USD $ 2871.30 million from export of various services in the first six month in the current fiscal year, up from $1908.00 million during the same period of the previous year.
Meanwhile, the service sector export increased by 14.85 per cent over the target during the six months of last year. The government had fixed of target $2500 million for this period and visibly the export performance has surpassed the target.Political stability, government's economic support measures, and the US-China tariff war that forced global brands to change their sourcing destination to Bangladesh, are some of the reasons for the leap in outbound shipments, economists and industrialists said.
Industry people and trade experts hold the view that the export performance showed a steady growth due to political stability, continuation of government policy support and safety improvement in the sector.
EPB said that collection of export earnings from the Bangladesh Bank mainly came in three sectors. These are - Goods Procured in Ports by Careers, goods sold under Merchants and Services.
The exported products belong to Manufacturing Services on Physical Inputs, Maintenance and Repair, Transportation, Construction Services, Insurance Services, Financial Services, Charge for the Use of Intellectual Property, Telecommunication Services, Other Business Services, Personal-Culture-Recreational and Government Goods and Services.
EPB sources said, Bangladesh's export earnings posted a robust growth during the first half of the current fiscal year, rising by 14.42 per cent to slightly over $20,000 million during the period, riding mostly on export of apparel and agricultural products.
SM Rezwan Hossain, Additional Secretary of the Commerce Ministry told the Daily Observer that the yearly target will be achieved easily as the exporters of the country especially the in service sector have the capacity to suppress the target.
He said that the government has ensured a business-friendly environment so that manufacturers can conduct business without interruption and hindrance. They are producing better results.