Bangladesh earns $3.95bn from RMG exports in July

Bangladesh has earned $3.95 billion from Ready-Made Garment (RMG) exports last month for the fiscal year 2023-24, marking a significant increase from the $3.37 billion recorded during the same period in the fiscal year 2022-23. This data represents a notable year-on-year growth of 17.43%.

Earnings from RMG exports specifically related to woven garments in July of FY 2023-24 witnessed an increase of 11.54%, amounting to $1.68 billion as compared to $1.51 billion in July of FY 2022-23.

Concurrently, the export of knitwear experienced a substantial year-on-year growth of 22.24%, achieving a total of $2.27 billion during the mentioned period. These figures were communicated by BGMEA President Faruque Hassan in a letter dated Sunday.

“The growth is certainly impressive, though the global economic scenario is portraying a contrasting outlook. Though inflation has started to ease off in our major export markets and the economic indicators started stabilising, yet import of apparel by USA and EU is showing a major downtrend.

Therefore, it’s quite challenging to forecast the market and I personally think that we need to follow a cautiously optimistic approach for the rest of 2023, as apparel and overall global trade may see some dip compared to last year,” the letter reads.