Bangladesh's RMG exports grow 5.95% but miss target in July-Oct

Although knitwear exports exceeded woven garments, the overall RMG exports did not meet the $16.220 billion target set for July-October 2023, falling short by 8.86 per cent. 

In the first four months of the current fiscal, exports of knitwear (Chapter 61) rose by 12.32 per cent to $8.676 billion, compared to $7.725 billion during the corresponding period of the previous fiscal 2022-23. Conversely, woven apparel exports (Chapter 62) witnessed a decline of 1.94 per cent, totalling $6.106 billion down from $6.227 billion in July-October 2022, as per EPB data. 

However, home textile exports (Chapter 63, excluding 630510) experienced a significant decline, dropping by 44.99 per cent to $238.81 million, compared to $434.16 million in the same period in 2022. Collectively, woven and knitted apparel, clothing accessories, and home textile exports constituted 86.10 per cent of Bangladesh's total exports, amounting to $17.447 billion for the quarter. 

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. 

The shipment of cotton, yarn, waste, fabric, etc (Chapter 52) surged by 58.99 per cent to $166.37 million in the period under review. This figure stood at $104.64 million during the same period last year. Exports of man-made filament and staple fibre (Chapter 54-56) also increased by 42.11 per cent to $101.98 million from $71.76 million. The country's export of specialised textile (Chapter 58-60, terry towel, special woven fabric, knitted fabrics, others) was valued at $95.94 million, marking a gain of 21.29 per cent from $79.10 million in July-October 2022. 

ALCHEMPro News Desk (KUL)