Bangladesh's ready-made garment exports rise 12.17% in the first nine months of FY 2022-23

In the first nine months of the 2022-23 fiscal year (July 2022-June 2023), Bangladesh's exports of ready-made garments (RMG) (Chapter 61 and 62) rose by 12.17% to $35.252 billion. Exports for July 2022-March 2022 stood at $31.428 billion, according to provisional data released by the Export Promotion Bureau (EPB). Exports of woven garments grew faster than knitwear.

According to EPB data, Bangladesh's RMG exports were 3.37 percent higher than the target of $34.102 billion for July 2022-March 2023. Knitwear (Chapter 61) exports increased by 11.78% to $19.137 billion in July 2022-March 2023, compared to $17.119 billion in the same period of the previous fiscal year.

The data showed that exports of woven garments (Chapter 62) increased by 12.63% to $16.114 billion during the period under review, compared to exports of $14.308 billion in the period July 2022-March 2022.

Meanwhile, exports of woven and knitted garments, apparel accessories and home textiles together accounted for 86.55% of Bangladesh's total exports of US$41.721 billion during the period from July 2022 to March 2023 of FY23.

In the 2021-22 fiscal year, Bangladesh's garment exports hit a record high, reaching $42.613 billion, an increase of 35.47% over the 2020-21 fiscal year's $31.456 billion. Despite the slowdown in the global economy, Bangladesh's garment exports have managed to post positive growth in recent months.