Bangladesh’s apparel export fetched $46.99 billion, recording a growth of 10.27% during the just concluded FY2022-23.
The official data of the export promotion bureau (EPB) showed that Bangladesh’s apparel products export performance in FY2022-23 exceeded the target set for fiscal 2022-23 by 0.41%.
While in the previous financial year (FY) of 2021-22, the readymade garment (RMG) sector earned $42.61 billion.
Among the subsector of RMG, the knitwear subsector earned $25.73 billion in FY23, recording a growth of 10.87%, while earnings from woven garments amounted to $21.25 billion, up by 9.56%.
While home textiles export fetched $1.09 billion. Witnessing a 32.47% negative growth.
Faruque Hassan, President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said to media that RMG’s positive growth is due to value-added garment items and exports to new and non-traditional markets, among others.
Faruque Hassan said, “Machinery up-gradation, diversification for value-added items, which entrepreneurs are now adopting to sustain their competitiveness, and rising exports to new markets like Japan, Australia, Korea and India helped maintain the positive growth.”
He also added that a number of local apparel makers are in Paris now to showcase their latest innovations despite problems here. Such participation helps in raising confidence among buyers.
Last FY2021-22, unit prices of locally made clothing items also increased, he added.
Industry leaders opined that however, seemed worried that export in the coming months might not sustain the positive growth as many factories are running below their production capacity.
Apparel export in June
The EPB data also showcased that apparel export in June witnessed a growth of 6.57% – and earned $4.36 billion. Among which, knitwear earned $2.46 billion. Recording a 10.40% growth. While the woven products export earned $1.90 billion. Witnessing a 1.99% growth.