Bangladesh's RMG export statistics for July-September 2023-24
Growth in RMG export
Bangladesh's RMG export reached US$ 11.61 billion during the July-September period of fiscal year 2023-24, up from US$ 10.27 billion in the same period of FY 2022-23, indicating 13.07% year-over-year growth.
Knitwear export grew by 19.70% year-over-year, while woven garments export grew by 4.97% year-over-year.
In September 2023, the country's RMG export grew by 14.46% year-over-year.
Challenges and opportunities
The global economic slowdown is a challenge for Bangladesh's RMG sector, as global import by Bangladesh's major markets is declining.
The increase in raw material prices, fuel, gas-electricity, and other production costs is also a challenge for the sector, as it is causing inflated prices of goods.
Despite the challenges, Bangladesh's RMG sector is showing resilience. The growth in export is being driven by the emerging diversity in product range within the industry and the appreciable progress in higher value addition.
Recommendations
Bangladesh should focus more on the future possibilities and diversification when it takes further expansion plans.
The country can direct its investment towards the future by focusing on diversification, technology, and innovation.
Overall
Bangladesh's RMG sector is showing resilience despite the global economic slowdown. The country should focus on diversification, technology, and innovation to maintain its growth momentum in the long term.
