Bangladesh's garment exports rise 17.43% to $3.9 bn in July 2023

Knitwear exports grew at a faster pace than woven garments. The exports were noted at $46.991 billion during fiscal 2022-23 (FY23), compared to exports of $42.613 billion in fiscal 2021-22. 

RMG exports from Bangladesh were 4.65 per cent higher than the target of $3.777 billion for July 2023, according to EPB data. Exports of knitwear (Chapter 61) increased by 22.24 per cent to $2.266 billion in the fiscal, as against exports of $1.854 billion during the same month of the previous fiscal, 2021-22. 

Exports of woven apparel (Chapter 62) increased by 11.54 per cent to $1.687 billion during the period under review, compared to exports of $1.512 billion in July 2022, as per the data. 

Home textile exports (Chapter 63, excluding 630510) decreased by 40.77 per cent to $56.83 million during the period under review, compared to exports of $95.95 million in July 2022. 

At the same time, woven and knitted apparel, clothing accessories, and home textile exports together accounted for 87.30 per cent of Bangladesh's total exports of $4.592 billion during July 2023. 

In 2021-22, Bangladesh achieved an all-time high in the value of its RMG exports, reaching $42.613 billion. This 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 impressive growth in garment exports. 

ALCHEMPro News Desk (KUL)