Bangladesh's RMG exports surge 11.38% to $12.8 bn in Jul-Oct 2024

Interestingly, under the new regime, RMG exports showed a decline in the last fiscal when the previous government was in power. In contrast, the new administration reported significant growth in RMG exports during the first four months of the current fiscal.

Knitwear exports outpaced woven garment exports in growth. During the first four months of the current fiscal, exports of knitwear (Chapter 61) rose by 12.08 per cent to $7.207 billion, compared to $6.430 billion in the corresponding period of fiscal 2023-24. Woven apparel exports (Chapter 62) increased by 10.48 per cent, totalling $5.603 billion, compared to $5.072 billion during the same period, as per EPB data.

Home textile exports (Chapter 63, excluding 630510) experienced mild growth, increasing by 1.31 per cent to $254.94 million, compared to $251.65 million during the same period in the last fiscal. Collectively, exports of woven and knitted apparel, clothing accessories, and home textiles constituted 82.76 per cent of Bangladesh’s total exports, amounting to $15.786 billion for the period.

Exports of cotton and cotton products, including yarn, waste, and fabrics (Chapter 52), rose by 20.39 per cent to $212.30 million during the period under review, compared to $176.35 million in the same period of the last fiscal.

The new regime of Bangladesh had earlier revised export data downwards after taking office. According to the revised trade data, RMG exports from the country decreased by 5.22 per cent to $36.151 billion in fiscal 2023–24 (July 2023 to June 2024).

According to the EPB, RMG exports in fiscal 2022-23 amounted to $38.142 billion, compared to the previously reported figure of $46.991 billion. For reference, RMG exports were recorded at $42.613 billion in fiscal 2021-22 and $31.456 billion in fiscal 2020-21.

Fibre2Fashion News Desk (KUL)