Fashion Updates | Garments

Bangladesh’s garment exports up 9% to $38.5 bn in July-Apr 2023

Published: May 4, 2023
Author: Fashion Value Chain

-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. 

Related Posts

Colorbar Celebrates 19 Years of Magic in the Beauty Industry

Saint Laurent introduces a high-end jewellery line.

Vegetarians, Smile Please – Now Comes Pure Veg Collagen

BLS International Signs Contract with the Embassy of Portugal for Visa Outsourcing Services in Morocco