Photo : Collected
Apparel exports of the country increased by 11.82 percent in March year-on-year as the demand for ready-made clothes is increasing while the economic situation is improving globally.
On Sunday, the Export Promotion Bureau (EPB) released export data that shows the highest export ever, but the readymade garment exporters were surprised to see the biggest export figure. They believe that the sector did not export such a high volume of clothes in March.
According to EPB data, the single-month apparel export earnings that indicate exports in March 2024 were $4.35 billion, reflecting an 11.35 percent growth compared to March 2023.
Industry insiders believe that the overall growth in RMG exports is not up to the mark but not bad either. However, the recent trend in trade is showing slight improvement.
BGMEA director Mohiuddin Rubel told the Daily Messenger, “For Bangladesh, the positive side is that we are gradually able to diversify our products and move towards sophisticated items, which is reflected in the growth. After three months, the growth has increased, and this is the first time in a single month that our RMG exports have reached nearly $5 billion.”
The Export Promotion Bureau (EPB) has released the apparel export statistics for the period of July-March FY-2023-24. During the mentioned period, the RMG exports aggregated $37.20 billion, up from $35.25 billion during the same period of the fiscal year 2022-23.
The export of knitwear was $21.01 billion, with a growth increase of 9.79 percent, and woven garments were $16.19 billion, with a growth decline of 0.047 percent.
During the seven months of 2024 FY, Bangladesh earned $3.95 billion in July, $4.04 billion in August, $3.61 billion in September, $3.16 billion in October, $4.05 billion in November, $4.56 billion in December, $4.97 billion in January, and $4.49 billion in February.
The Export Promotion Bureau (EPB) reports an increase in garment exports to traditional markets. In July-February 2024 FY, garment exports to the USA decreased by 2.58 percent to $5.45 billion, the EU by 3.27 percent to $16.23 billion, the UK by 14.64 percent to $3.85 billion, and Canada by 1.81 percent to $999 million. However, non-traditional markets saw growth, with Bangladesh's apparel increasing by 10.83 percent to $6.30 billion.
Bangladesh predominantly exports cotton-based products such as T-shirts, sweaters, blouses, underwear, and denim. As the world's second-largest garment exporter after China, Bangladesh holds the title of the largest denim exporter to the USA and a major cotton exporter to the EU.
Messenger/Fameema
