Bangladesh's garment exports rise 10.27%, hits $46.9 bn in FY22-23

09 Jul '23

2 min read

Pic: Shutterstock.com

Insights

Bangladesh's RMG exports rose by 10.27 per cent to $46.991 billion in FY23, surpassing the target by 0.41 per cent, according to EPB.
Knitwear exports increased by 10.87 per cent to $25.738 billion, while woven apparel exports grew by 9.56 per cent to $21.253 billion.
However, home textile exports declined by 32.47 per cent to $1.095 billion.

Readymade garment (RMG) (Chapter 61 and 62) exports from Bangladesh increased by 10.27 per cent to $46.991 billion during the fiscal 2022-23 (FY23) compared to exports of $42.613 billion in fiscal 2021-22, as per provisional data released by the Export Promotion Bureau (EPB). Knitwear exports grew at a faster pace than woven garment.

RMG exports from Bangladesh were 0.41 per cent higher than the target of $46.800 billion for the fiscal 2022-23, as per EPB data. Exports of knitwear (Chapter 61) increased by 10.87 per cent to $25.738 billion in the fiscal, as against exports of $23.214 billion during the previous fiscal 2021-22.

Exports of woven apparel (Chapter 62) increased by 9.56 per cent to $21.253 billion during the period under review, compared to exports of $19.398 billion during July-June 2022, as per the data.

Home textile exports (Chapter 63, excluding 630510) decreased by 32.47 per cent to $1,095.29 million during the period under review, compared to exports of $1,621.93 million during July-June 2022.

At the same time, woven and knitted apparel, clothing accessories and home textile exports together accounted for 86.55 per cent of Bangladesh’s total exports of $55.558 billion during FY23.

In 2021-22, Bangladesh achieved an all-time high in the value of its RMG exports, reaching $42.613 billion, which 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 an impressive growth in garment exports in FY 2022-23.

Fibre2Fashion News Desk (KUL)

More Apparel/Garments News - Bangladesh...