Bangladesh's RMG exports inch up 2.75% but miss target in July-Nov

Bangladesh's readymade garment (RMG) exports (Chapter 61 and 62) grew by 2.75 per cent to $18.835 billion in July-November, the first five months of fiscal 2023-24, according to provisional data from the Export Promotion Bureau (EPB). This figure represents an increase from $18.331 billion in the same period of the previous fiscal 2022-23. 

While knitwear exports exceeded woven garments, overall RMG exports did not meet the $20.649 billion target set for July-November 2023, falling short by 8.79 per cent. 

In the first five months of the current fiscal, exports of knitwear (Chapter 61) rose by 8.66 per cent to $10.989 billion, compared to $10.113 billion during the corresponding period of the previous fiscal 2022-23. In contrast, woven apparel exports (Chapter 62) witnessed a decline of 4.52 per cent, totalling $7.846 billion down from $8.217 billion in July-November 2022, as per EPB data. 

However, home textile exports (Chapter 63, excluding 630510) experienced a significant decline, dropping by 42.27 per cent to $299.42 million, compared to $518.63 million in the same period in 2022. Collectively, woven and knitted apparel, clothing accessories, and home textile exports constituted 84.78 per cent of Bangladesh's total exports, amounting to $22.232 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 66.96 per cent to $216.51 million in the period under review. This figure stood at $129.68 million during the same period last year. Exports of man-made filament and staple fibre (Chapter 54-56) also increased by 39.27 per cent to $127.24 million from $91.36 million. The country's export of specialised textile (Chapter 58-60, terry towel, special woven fabric, knitted fabrics, others) was valued at $124.98 million, marking a gain of 22.78 per cent from $101.79 million in July-November 2022. 

ALCHEMPro News Desk (KUL)