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Export earnings from US fall

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Staff Reporter Export earnings from the USA, the largest export destination for Bangladesh goods, witnessed a 6.11 percent fall during the first five months (July-Nov) of the current fiscal (2014-15), mostly due to the RMG sector’s poor performance. Bangladesh exports to the USA totalled $ 2,107.11 million in the first five months (July-Nov) of fiscal 2014-15 compared to $ 2,244.22 mn during the corresponding period of the previous fiscal (2013-14). The amount represents 17.46 percent of the country’s total export earnings during the period. According to the statistics compiled recently by the Export Promotion Bureau (EPB), the major exports to the US market during the period were woven garment ($ 1,418.88 mn), knitwear ($ 513.46 mn), home textiles ($ 37.91 mn), frozen shrimp ($ 13.13 mn), and cap ($ 17.91 mn). During the period, around 30.23 percent of the country’s total woven garment exports entered the US market, followed by knitwear 10.27 percent. Bangladesh’s export earnings from the US in fiscal 2013-14 was $ 5,583.62 mn, up from $ 5,419.60 mn in fiscal 2012-13. Export earnings from the US in fiscal 2011-12 were also impressive at $ 5,100.91 mn, slightly down from $ 5,107.52 million in fiscal 2010-11. The export earnings in fiscal 2009-10, however, totalled $ 3,950.47 million, down from $ 4,052.00 million in 2008-09, mostly because of the global economic recession. The 2009-10 fiscal marked the end of an ups-and-down period for Bangladesh exports to the US. From the robust $ 2.5 billion during the 2000-01 fiscal, exports had fallen below $ 2 billion by 2003-04. Exports to the US rose steadily to cross the $ 3 billion mark in 2005-06, and peaked at nearly $ 3.6 billion during the 2007-08 fiscal.