After the ousting of former Prime Minister Sheikh Hasina in early August 2024, the new regime assumed office amid political unrest, widespread violence, and disruptions. The EPB delayed the regular release of monthly trade data until this month.
EPB’s latest provisional trade data revealed that while knitwear exports surpassed those of woven garments, overall RMG exports fell significantly short of the $52.272 billion target for fiscal 2023–24, underperforming by 30.84 per cent.
In the last fiscal, exports of knitwear (Chapter 61) declined by 5.13 per cent to $19.282 billion, compared to $20.324 billion in fiscal 2022–23. Similarly, woven apparel exports (Chapter 62) decreased by 5.32 per cent, totalling $16.869 billion, down from $17.817 billion in the previous fiscal, according to EPB data.
Exports of home textiles (Chapter 63, excluding 630510) experienced a sharp decline, dropping 22.05 per cent to $851.01 million, compared to $1,091.78 million in fiscal 2022-23. Combined, exports of woven and knitted apparel, clothing accessories, and home textiles accounted for 83.20 per cent of Bangladesh’s total exports, which stood at $44.469 billion during the period. The new Bangladeshi regime also revised the country’s overall goods exports downward.
In contrast, exports of cotton and cotton products, including yarn, waste, and fabrics (Chapter 52), rose significantly by 35.08 per cent to $554.50 million during the period under review, compared to $410.49 million in the same period of the previous fiscal.
Under the new regime, Bangladesh reported a decline in RMG exports, painting a starkly different picture from the figures previously reported by the former government. According to the EPB under the new administration, RMG exports in fiscal 2022–23 amounted to $38.142 billion, compared to the earlier reported figure of $46.991 billion. For reference, RMG exports were recorded at $42.613 billion in fiscal 2021–22 and $31.456 billion in fiscal 2020–21.
ALCHEMPro News Desk (KUL)
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