Bangladesh's RMG exports up 3.45% to $23.39 bn in July-Jan 24

While knitwear exports exceeded woven garments, the overall RMG exports did not meet the $30.247 billion target set for July 2023-January 2024, falling short by 6.23 per cent.

In the first seven months of the current fiscal, exports of knitwear (Chapter 61) rose by 8.15 per cent to $16.179 billion, compared to $14.960 billion during the corresponding period of the previous fiscal 2022-23. Conversely, woven apparel exports (Chapter 62) witnessed a decline of 2.20 per cent, totalling $12.183 billion, down from $12.457 billion in July 2023-January 2023, as per EPB data.

However, home textile exports (Chapter 63, excluding 630510) experienced a significant decline, dropping by 34.37 per cent to $454.74 million, compared to $692.86 million in the same period last year. Collectively, woven and knitted apparel, clothing accessories, and home textile exports constituted 87.45 per cent of Bangladesh's total exports, amounting to $33.264 billion for the same period.

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 61.42 per cent to $314.57 million in the period under review. This figure stood at $194.88 million during the same period last year. Exports of man-made filament and staple fibre (Chapters 54-56) also increased by 27.76 per cent to $180.71 million from $141.45 million. The country's export of specialised textile (Chapters 58-60, including terry towel, special woven fabric, knitted fabrics, and others) was valued at $183.95 million, marking a gain of 25.28 per cent from $146.83 million in July 2022-January 2023.

ALCHEMPro News Desk (KUL)