08 June 2023, Mumbai
Strong Year-Over-Year Growth; According to official statistics, Bangladesh's Ready-Made Garments (RMG) export for the period of July-May in the fiscal year 2022-23 reached an impressive US$42.63 billion, marking a 10.67% year-over-year growth from US$38.52 billion in the same period of FY 2021-22.
Knitwear and Woven Garments Lead the Way
A breakdown by category reveals that knitwear exports amounted to US$23.27 billion, showing a 10.92% growth, while woven garments accounted for US$19.35 billion, indicating a 10.36% increase.
In May 2023 alone, the country's RMG export recorded a significant 28.33% year-over-year growth, reaching US$4.05 billion compared to US$3.15 billion in May 2022.
Impressive Growth Rates
This growth is particularly noteworthy considering the challenges faced by the industry, such as factory closures during the Eid-ul-Fitre period and reduced orders due to a slowdown in retail sales and supply chain disruptions.
Exploring Non-Traditional Markets Crucial
Amidst these hurdles, exploring non-traditional markets becomes crucial for sustained progress as economic turbulence persists in major markets.
CREDITS: BGMEA Press Release.
