Readymade garment (RMG) (Chapter 61 & 62) exports from Bangladesh increased by 14.31 per cent to $27.418 billion in the first seven months of fiscal 2022-23 (July-June FY23) compared to exports of $23.985 billion in July-January FY22, as per provisional data released by the Export Promotion Bureau (EPB). Woven RMG exports grew at a faster pace than knitwear.
RMG exports from Bangladesh were 4.76 per cent higher than the target of $26.173 billion for July-January FY23, as per EPB data.
Exports of knitwear (Chapter 61) increased by 12.70 per cent to $14.960 billion in July-January FY23, as against exports of $13.274 billion during the same months of the previous fiscal.
Exports of woven apparel (Chapter 62) increased by 16.30 per cent to $12.457 billion during the period under review, compared to exports of $10.711 billion during July-January FY22, as per the data.
Home textile exports (Chapter 63, excluding 630510) decreased by 16.65 per cent to $692.86 million during the period under review, compared to exports of $831.31 million during July-January FY22.
Woven and knitted apparel, clothing accessories and home textile exports together accounted for 84.37 per cent of Bangladesh’s total exports of $32.447 billion during July- January FY23.
Bangladesh had achieved an all-time high in terms of value of RMG exports in 2021-22, at $42.613 billion, registering an increase of 35.47 per cent compared to exports of $31.456 billion in fiscal 2020-21.
However, the growth in RMG exports has slowed down during the recent months due to global economic challenges.