Textile News, Apparel News, RMG News, Fashion Trends
Trade & Business

RMG export posts slow growth in October

Bangladesh’s readymade garment (RMG) export earning witnessed 3.27% growth and earned $3.67 billion year-on-year in October FY 2022-23, according to the Export Promotion Bureau (EPB) published latest export data.

Bangladesh-apparel-export-earning-October-2023

The EPB data showed that among the sub-segments of apparel – the woven product export earned $1.60 billion in October. Witnessing a 5.71% year-over-year growth.

While the country’s knitwear product export earned $2.07 billion in October FY 2022-23. Growing by 1.46% year-over-year.

The EPB data also showed that in the first four months of the current fiscal year 2022-23 (July- October) – the overall RMG export reached $13.95 billion with 10.55 % year-over-year growth.

In the July- October FY2022-23 period, export earnings from knitwear and woven increased by 1.46% and 5.71% respectively in October. The knitwear export reached $7.72 billion, while export from woven items was $6.22 billion with 7.14% and 15.08% growth respectively compared to the same period of the FY 2021-22.

BangladeshJuly-October-2023-RMG export performance

Md. Mohiuddin Rubel, Director, BGMEA said, “Though there was a prediction that RMG export may slowdown in October, such positive growth is welcoming. As an entrepreneur in the industry, I don’t see any positive outlook of orders and growth in coming months as the retail market worldwide is struggling, and buyers are following cautious steps to manage new orders and inventory.”

“As a single month, 3.6 billion dollars worth of export is significant. Our industry has the capacity to supply more and we are exploring new growth opportunities including product and market diversification,” Rubel added.

Earlier industry leaders predicted that due to the high inflation in Europe induced by the Russia-Ukraine war and a production shortfall for the ongoing energy crisis in factories – the earnings from apparel shipments in October may dip 20% year-on-year.

In July- October FY2022-23 period, home textile sector earned $434.16 million. I was observing a 5.18% year-on-year growth.

Bangladesh-Textile-export-earnings- Jul-October-FY22-23

Specialized textile products earned $79.1 million with 47.14% negative growth. While terry towel products earned $14.04 million. Observing a 16.58% year-on-year negative growth.

Special woven fabric products earned $11.49 million and witnessed an 8.60% growth in July- October FY2022-23 period.

Knitted fabrics exports earned $42.38 million. Witnessing a 64.12% negative growth.

If anyone has any feedback or input regarding the published news, please contact: info@textiletoday.com.bd

Related posts

Bangladesh to set apparel export target at $37.42 billion for FY20

Textile Today

BGMEA: July RMG export downed by 16%

Textile Today

Negative growth continues in RMG export

Textile Today

Latest Publications

View All