Bangladesh's export earnings surged to $5.10 billion in March of FY24, marking a significant year-on-year positive growth of 9.88% compared to $4.64 billion in the same period of FY23. According to data from the Export Promotion Bureau (EPB) released on Tuesday, this achievement marks the third consecutive month where export earnings surpassed $5 billion, following December, January, and February.

Despite missing the export earnings target for March by 0.88%, with the goal set at $5.15 billion, the Ready-Made Garments (RMG) sector, the country's top export earner, recorded remarkable growth. The RMG sector alone accounted for $4.35 billion in March of FY24, reflecting an impressive 11.71% increase from $3.89 billion in March of FY23.

In the first nine months (July-March) of FY24, overall export earnings experienced a modest year-on-year growth of 4.39%, totaling $43.55 billion, compared to $41.72 billion in the corresponding period of FY23. However, this figure falls short of the target of $46.27 billion by 5.86%.

During the same nine-month period, the RMG sector contributed significantly, securing $37.20 billion in export earnings, reflecting a narrow year-on-year growth of 4.77% from $35.25 billion in FY23. Knitwear exports reached $21.01 billion, while woven items contributed $16.20 billion, marking positive growth of 9.59% and 0.47% respectively compared to the previous fiscal year.

Industry experts anticipate that the uptick in export earnings will bolster the country's foreign exchange reserves and help stabilize the dollar market, providing a positive outlook for Bangladesh's economy.