6th August 2022
EP Report

Locally manufactured electric products, namely transformers and accumulators, are gaining popularity abroad as the industry's annual export earnings touched a record-high of $100 million in the just concluded fiscal year.

 

The last time export proceeds from electric goods even came close to the current level was back in fiscal 2014-15, when outbound shipments fetched a total of $90 million.

 

The industry's annual foreign earnings had fallen to around $65 million the following fiscal and despite a slight recovery in the year after, export receipts continued on a downward trend, hitting a low point of around $39 million in FY20.

 

Exports then ballooned by about 71 per cent in fiscal 2019-21 before going on to hit $67 million in fiscal 2020-21, according to the Export Promotion Bureau (EPB).

 

Industry insiders say the growth in exports was possible thanks to an increase in skilled manpower, production quality, branding, and acceptance in international markets.

 

Humayun Rashid, managing director and chief executive officer of Energypac Power Generation, said exports have risen as they are producing products of international standard.


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