Bangladesh sees 10.67% rise in garment exports, hits $42.6 bn in FY23

06 Jun '23

2 min read

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Insights

Bangladesh's RMG exports increased by 10.67 per cent to $42.63 billion during the first 11 months of fiscal 2023, surpassing the target of $42.308 billion.
This growth is attributed to knitwear and woven apparel. However, home textile exports fell by 30.14 per cent.
Together, these sectors represented 87.29 per cent of Bangladesh's total exports.

Readymade garment (RMG) (Chapter 61 & 62) exports from Bangladesh increased by 10.67 per cent to $42.630 billion in the first eleven months of fiscal 2022-23 (FY23) compared to exports of $38.521 billion in July-May 2022, as per provisional data released by the Export Promotion Bureau (EPB). Knitwear exports grew at a faster pace than woven garment.

RMG exports from Bangladesh were 0.98 per cent higher than the target of $42.308 billion for July-May 2023, as per EPB data. Exports of knitwear (Chapter 61) increased by 10.92 per cent to $23.278 billion in July-May 2023, as against exports of $20.985 billion during the same months of the previous fiscal.

Exports of woven apparel (Chapter 62) increased by 10.36 per cent to $19.352 billion during the period under review, compared to exports of $17.535 billion during July-May 2022, as per the data.

Home textile exports (Chapter 63, excluding 630510) decreased by 30.14 per cent to $1,024.98 million during the period under review, compared to exports of $1,467.19 million during July-May 2022.

At the same time, woven and knitted apparel, clothing accessories and home textile exports together accounted for 87.29 per cent of Bangladesh’s total exports of $50.527 billion during July- May of FY23.

In 2021-22, Bangladesh achieved an all-time high in the value of its RMG exports, reaching $42.613 billion, which represents an increase of 35.47 per cent compared to the exports of $31.456 billion in fiscal 2020-21. Despite the global slowdown, Bangladesh has succeeded in achieving a growth in garment exports in the recent months.

Fibre2Fashion News Desk (KUL)

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