-By Mansi Suryavanshi
INSIGHTS
- In the first ten months of FY23, Bangladesh’s RMG exports climbed by 9.09% to $38.577 billion.
- More so than knitwear, woven RMG exports increased. Exports of knitwear climbed by 8.97% to $20.967 billion, while those of woven clothing increased by 9.24% to $17.609 billion.
- A whopping 86.51% of Bangladesh’s total exports were RMG.
According to preliminary statistics issued by the Export Promotion Bureau (EPB), exports of readymade garments (RMG) (Chapter 61 & 62) from Bangladesh grew by 9.09% to $38.577 billion in the first ten months of fiscal 2022-23 (FY23) compared to exports of $35.362 billion in July-April 2022. Knitwear exports rose more slowly than woven RMG exports.
According to EPB statistics, RMG exports from Bangladesh exceeded the objective of $38.177 billion for the July through April 2023 period by 1.05 percent. Knitwear exports (Chapter 61) grew to $20.967 billion in July–April 2023 from $19.242 billion in the same months of the previous fiscal year, a rise of 8.97%.
According to the statistics, woven textile exports (Chapter 62) grew by 9.24% to $17.609 billion during the study period from $16.119 billion from July to April 2022.
Exports of domestic textiles (Chapter 63, excluding 630510) fell by 29.34% to $940.8 million during the study period from $1,331.42 million during July-April 2022.
The exports of woven and knitted garments, clothing accessories, and home textiles collectively made for 86.51 percent of Bangladesh’s $45.677 billion total exports from July through March of FY23.
Bangladesh’s value of RMG exports reached an all-time high in fiscal 2021–22, totaling $42.613 billion, up 35.47 percent from the $31.456 billion in exports in fiscal 2020–21. Bangladesh has been successful in increasing garment exports recently despite the global slump.
