Bangladesh’s garment exports growth slows to 16.61% in July 2022

Readymade garment (RMG) exports from Bangladesh increased by 16.61 per cent to $3.366 billion in the first month of fiscal 2022-23 (July-June) compared to exports of $2.887 billion in July 2021, according to the provisional data released by the Export Promotion Bureau. The export was 6.45 per cent more than the target of $3.163 billion for July 2022.

The export witnessed slower growth in first month of new fiscal which is probably due to the impact of economic challenges the world is currently facing. Knitwear (chapter 61) exports gained at a slower rate than woven RMG exports. Knitwear exports increased by 11.80 per cent to $1.854 billion in 2021-22, as against exports of $1.658 billion during the same month of previous fiscal, as per the data.

Exports of woven apparel (chapter 62) increased at a faster rate of 23.11 per cent to $1.512 billion during the period under review, compared to exports of $1.228 billion during July 2021.

Home textile exports (Chapter 63, excluding 630510) could gain 3.89 per cent to $95.95 million during the period under review, compared to exports of $92.36 million during July 2021.

Woven and knitted apparel, clothing accessories and home textiles’ exports together accounted for 77.05 per cent of $3.984 billion worth of total exports made by Bangladesh during July 2022.

Readymade garment (RMG) exports from Bangladesh witnessed an increase of 35.47 per cent to $42.613 billion in the last fiscal 2021-22 compared to exports of $31.456 billion in the 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.