Apparel exports to EU, UK jump big in FY23

Bangladesh apparel exports saw a big jump in European markets in the fiscal 2022-23 despite the economic slowdown driven by the Russia-Ukraine war. Apparel exports grew by 9.93% year-on-year in the European Union countries to about $23.52 billion, while the earning was $21.40 billion in FY22, according to the Export Promotion Bureau (EPB). Besides, the UK market also saw 11.78% year-on-year growth to over $5 billion in FY23, while the earning was $4.50 billion in the previous fiscal. The EPB data show, Bangladesh’s apparel exports to non-traditional markets jumped by 31.38% to $8.37 billion in FY23, which was 17.82% of Bangladesh apparel shipments in FY23. The Canadian market also grew by 16.55% to $1.54 billion in the last fiscal year, while it was a $1.32 billion market in FY 22. However, apparel shipments to two major markets – the US and Germany – experienced a decline of 6.81% and 5.51% to $8.51 billion and $ 6.68 billion, respectively. In FY22, exports to these two countries were $9.01 billion and $7.16 billion respectively.

Source: https://www.tbsnews.net/economy/rmg/apparel-exports-eu-uk-jump-big-fy23-663294

Jute acreage sees growth

Jute acreage in Bangladesh has increased this season as growers expanded cultivation, encouraged by better prices after last year’s harvest, according to the Department of Agricultural Extension (DAE). Preliminary estimates by the DAE show that jute cultivation edged up 2 per cent to 7.45 lakh hectares in the current season, up from 7.29 lakh hectares previously. Growers bagged 84 lakh bales (one bale equals 180 kilogrammes) of jute in fiscal year 2022-23, up 0.3 per cent year-on-year, according to the Bangladesh Bureau of Statistics. Of the amount, over 10 lakh bales of jute were exported, which is higher than the shipment volume of the previous year. Of the rest, most were processed in local mills to make jute goods, such as sacks. Bangladesh’s earnings from jute and jute goods dropped 19 per cent to $912 million in the last financial year from $1,127 million the year prior, according to data from the Export Promotion Bureau.

Source: https://www.thedailystar.net/business/economy/news/jute-acreage-sees-growth-3365991

Tanveer Ahmad elected vice chairman of Islami Bank

Dr Tanveer Ahmad has been elected as the vice chairman of Islami Bank Bangladesh Limited, according to a statement. He completed his MBBS in 2009 from the University of Science and Technology Chittagong and obtained a Doctor of Medicine degree in cardiology in January 2017 from Sir Salimullah Medical College under Bangabandhu Sheikh Mujib Medical University. In 2017, he joined United Hospital in the Post Doctor Fellowship Programme in the Department of Cardiology and currently serves as a cardiologist in the same hospital. Dr Ahmad has actively participated in national and international conferences in his field of practice. Notably, he represented Bangladesh at the Emerging Leaders Summit of the Asia Pacific Society of Cardiology. In 2023, he was awarded a scholarship for an observer fellowship in the USA under the PHA programme.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/tanveer-ahmad-elected-vice-chairman-of-islami-bank-1689005999