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Apparel export earnings hit a record $4.38 bn in November

Bangladesh readymade garment (RMG) export earnings hit a record $4.38 billion in November 2022. According to the latest Export Promotion Bureau (EPB) data, the export growth has achieved a gigantic 35.60% higher than the $3.23 billion earned in the same month 2021. Contributing 86.05% of the national export.

Bangladesh-apparel-export-earning-November-2022

Among the sub-sectors of apparel – knitwear products exports fetched $2.38 billion in November 2022. While woven products exports fetched $1.99 billion in November 2022.

Industry experts opined that RMG exporters managed to send a big quantity of deferred shipments – which the buyers had delayed last month – has helped Bangladeshi apparel makers in achieving this feat.

Leaders also opined that besides Bangladesh’s two main apparel export destinations the USA and EU – the non-traditional markets — especially in Japan, South Korea, Australia and India – have done exceptionally well.

Faruque Hassan, President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said, “We have been concentrating on product diversification and non-traditional markets to augment apparel exports and we have started gaining the benefits.”

“As a single month, $4.38 billion worth of export is momentous. Our industry has the capacity to supply more and we are exploring new growth opportunities including product and market diversification,” Faruque Hassan added.

July-November FY 2022-23 earnings

Bangladesh-July-November-2022-apparel-export-performance

EPB data also showed that in the first five months (July-November) of FY23, the country’s RMG exports witnessed a 15.61% export growth rate year-on-year by exporting RMG goods worth $18.33 billion. The sector earned $15.86 billion in the same period in FY 2021-22.

In the meantime, the two main sub-sectors of RMG, the knitwear sector earned $10.11 billion in the same period in FY23, registering a 12.55% year-on-year growth while the woven sector earned $8.22 billion posting a 19.61% growth rate in July-November of FY23.

Other textile and allied sub-sector exports

In the July-November FY2022-23 period, the home textile sector earned $518.63 million. Observing a 7.98% negative year-on-year growth.

Specialized textile products earned $101.79 million with 40.64% negative growth. While terry towel products earned $16.24 million. Observing a 19.72% year-on-year negative growth.

Special woven fabric products earned $14.50 million and witnessed a 16% growth in the July-November FY2022-23 period.

Knitted fabrics exports earned $56.73 million. Witnessing a 57.38% negative growth.

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