Readymade garment (RMG) exports from Bangladesh increased by 15.61 per cent to $18.331 billion in the first five months of fiscal 2022-23 (July-June) compared to exports of $15.856 billion in July-November 2021, as per provisional data by the Export Promotion Bureau. Exports were 4.36 per cent higher than the target of $17.566 billion for July-November 2022. Knitwear (Chapter 61) exports witnessed a lower growth compared to woven RMG exports. Exports of knitwear increased by 12.55 per cent to $10.113 billion in July-November 2022, as against exports of $8.985 billion during the same months of the previous fiscal. Exports of woven apparel (Chapter 62) increased by 19.61 per cent to $8.217 billion during the period under review, compared to exports of $6.870 billion during July-November 2021, as per the data.
Home textile exports (Chapter 63, excluding 630510) decreased by 7.98 per cent to $518.63 million during the period under review, compared to exports of $563.6 million during July-November 2021.
Woven and knitted apparel, clothing accessories and home textile exports together accounted for 88.24 per cent of Bangladesh’s total exports of $21.946 billion during July-November 2022.
RMG exports from Bangladesh had witnessed an increase of 35.47 per cent to $42.613 billion in fiscal 2021-22 compared to exports of $31.456 billion in fiscal 2020-21. Bangladesh had achieved an all-time high in terms of value of RMG exports in 2021-22. The total exports also breached the target of $43.500 billion with 19.73 per cent rise during the period. However, the growth in textile exports slowed down during the recent months due to global economic challenges. But Bangladesh succeeded to outperform in terms of textile exports despite economic odds during November 2022.