13 July 2023, Mumbai
Bangladesh's RMG export achieved a remarkable milestone in FY 2022-23, reaching an unprecedented figure of approximately US$47 billion, displaying a staggering 10.27% year-on-year growth.
This remarkable feat stands out amidst the challenging backdrop of contracting global trade.
Record-Breaking Growth
Landmark Growth; The country's total export earnings soared to over US$55 billion, with the RMG sector contributing an impressive 84.58% to the overall figure.
Notably, knitwear exports experienced substantial growth, amounting to US$25.73 billion with a 10.87% increase, while woven garment exports reached US$21.25 billion, showcasing a commendable 9.56% growth.
Challenging Trade Climate
However, persistent challenges such as cost and price inflation, market volatility, and supply chain disruptions persist.
To sustain growth, strategic initiatives, efficient resource management, and diversification into alternative markets and products are vital.
Dominance Reinforced
As the new fiscal year commences, Bangladesh ambitiously targets US$100 billion from RMG exports by 2030, fueling optimism and a quest for untapped opportunities.
CREDITS: BGMEA Press Release.
