BoI companies see boost in export revenue
The export revenue of BoI enterprises during the month of July 2020 had increased by USD 36.14 million a 7 per cent increase than that of July 2019.
Based on BoI data collated under its exports report, the total revenue earned for the period from 1 to 26 July last year had been USD 547.81 million.
However, that figure had spiked this year up to USD 583.95 million.
Out of all BOI registered export firms, in comparison to July of 2019, most profits had been accrued through the export of printed material this year. The revenue for July last year which had been USD 0.45 million had increased up to USD 6.07 million by July 2020; an increase of 1259 per cent.
According to available data, the second highest amount of profits had been accrued through the export of waste. The revenue gained through export waste which had stood at USD 0.05 million last year, had increased up to USD 0.18 million, an increase of 301 per cent this year.
The country’s exports had made these gains despite the fact that the world economy was struggling due to the debilitating impact of COVID-19.
BOI data has also revealed that despite the success, the export of footwear has shown somewhat of a setback. The revenue gained in July 2019, through footwear export which stood at USD 0.35 million has dropped by 80 per cent to USD 0.07 million.
Furthermore two other industries that have shown a decline in exports are wood products and paper products which have dropped by 34 per cent and 49 per cent respectively.