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Bangladesh: leather sector closes the year on the red

Jul 9, 2019 Bangladesh
Bangladesh: leather sector closes the year on the red
Notwithstanding the good performance of leather footwear exports, the leather industry as a whole registered a decline of 6.06% in revenue. The industry closed financial year 2018-19 below the target set for exports
Bangladesh announced the numbers for the fiscal year running from July 2018 to June 2019. The country’s leather industry registered a drop in exporting revenue of 6.06%, when compared to the previous fiscal year. Over the period, the leather industry recorded exports revenue of 1 019.78 million US dollars, falling short of the export target of 1 124 US dollars set by the country's government for the period (90.73%).

Finished leather exports generated 164.62 million US dollars, down by 10.09% from the previous fiscal year. Leather goods contributed with 247.28 million US dollars, losing roughly one third of the revenue generated last year in similar period (decline of 26.58%).  On a positive note, leather footwear exports increased its value by 7.48%, generating 607.88 million US dollars over the period.

Revenue coming from exports of finished leather (91.08%) and leather products (72.73%) was below the goal set for the period, while leather footwear managed to meet the target (101.31%).

Exports of other footwear (non-leather) increased by 11.24% and closed the year at 104.43% over the target set for the period.

Bangladesh’s government has set the leather industry an export target of 1.124 billion US dollars and the industry closed below the target by 9.27%.

Bangladesh’s financial year runs from July to June

Photo by chuttersnap on Unsplash

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