Bangladesh's RMG exports up 4.97% to $40.49 bn in July-Apr 2024

05 May '24

2 min read

Bangladesh's RMG exports up 4.97% to $40.49 bn in July-Apr 2024

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Insights

Bangladesh's RMG exports increased by 4.97 per cent to $40.494 billion in the first ten months of fiscal 2023-24, though they missed the $42.974 billion target.
Knitwear exports saw a 9.11 per cent rise, while woven apparel exports remained steady.
Home textile exports fell by 25.32 per cent, but cotton product exports surged by 38.35 per cent.

Bangladesh's ready-made garment (RMG) exports (Chapters 61 and 62) increased by 4.97 per cent to $40.494 billion between July 2023 and April 2024, the first ten months of fiscal 2023-24 (July-June), according to provisional data from the Export Promotion Bureau (EPB). This figure represents an increase from $38.577 billion in the same period of fiscal 2022-23.

While knitwear exports exceeded woven garments, the overall RMG exports did not meet the $42.974 billion target set for July-April 2024, falling short by 5.77 per cent.

In the first ten months of the current fiscal, exports of knitwear (Chapter 61) rose by 9.11 per cent to $22.878 billion, compared to $29.967 billion during the corresponding period of the previous fiscal 2022-23. Woven apparel exports (Chapter 62) improved by 0.03 per cent, totalling $17.615 billion, against $17.609 billion in July 2023-April 2024, as per EPB data.

Home textile exports (Chapter 63, excluding 630510) experienced a significant decline, dropping by 25.32 per cent to $702.56 million, compared to $940.80 million in the same period last fiscal. Collectively, woven and knitted apparel, clothing accessories, and home textile exports constituted 86.78 per cent of Bangladesh's total exports, amounting to $47.471 billion for the period.

The exports of cotton and cotton products including yarn, waste, and fabrics (Chapter 52) jumped 38.35 per cent to $449.03 million in the period under review. The trade was noted at $324.55 million during the same period of the last fiscal.

Despite the global economic slowdown, Bangladesh's RMG exports demonstrated resilience, reaching $46.991 billion in fiscal 2022-23, an increase from $42.613 billion in fiscal 2021-22 and $31.456 billion in fiscal 2020-21.

Fibre2Fashion News Desk (KUL)

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