Bangladesh's garment exports rise 12.46% to $7.9 bn in July-Aug 2023

06 Sep '23

2 min read

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Insights

Bangladesh's RMG exports rose by 12.46 per cent to $7.998 billion in the first two months of fiscal 2023-24.
The exports surpassed the target, coming in at 1.46 per cent higher than the projected $7.883 billion for July-August 2023.
Knitwear exports saw a more substantial growth of 17.02 per cent, while woven apparel increased by 6.86 per cent.

Readymade garment (RMG) exports (Chapter 61 and 62) from Bangladesh increased by 12.46 per cent to $7.998 billion in July-August 2023, the first two months of the new fiscal 2023-24, according to provisional data released by the Export Promotion Bureau (EPB). This shipment was recorded at $7.112 billion in July-August 2022. Knitwear exports grew at a faster pace than woven garments.

RMG exports from Bangladesh were 1.46 per cent higher than the target of $7.883 billion for July-August 2023, according to EPB data. Exports of knitwear (Chapter 61) increased by 17.02 per cent to $4.582 billion in the first two months of current fiscal, as against exports of $3.915 billion during the same period of the previous fiscal, 2022-23.

Exports of woven apparel (Chapter 62) increased by 6.86 per cent to $3.416 billion during the period under review, compared to exports of $3.196 billion in July-August 2022, as per the data.

Home textile exports (Chapter 63, excluding 630510) decreased by 53.40 per cent to $125.14 million during the period under review, compared to exports of $268.52 million in July-August 2022.

At the same time, woven and knitted apparel, clothing accessories, and home textile exports together accounted for 86.65 per cent of Bangladesh's total exports of $9.375 billion during July-August 2023.

RMG exports were noted at $46.991 billion during fiscal 2022-23, compared to exports of $42.613 billion in fiscal 2021-22. Earlier, it was noted at $31.456 billion in fiscal 2020-21. Despite the global slowdown, Bangladesh has succeeded in achieving growth in its garment exports.

Fibre2Fashion News Desk (KUL)

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