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Apparel export sees 13.41% growth in July-Sept

The official data of the export promotion bureau (EPB) showed that Bangladesh’s apparel products export performance in July-September FY2022-23 (the first 3 months of FY2022-23) witnessed 13.41% year-on-year growth. Earning $10.27 billion in the first 3 months of FY2022-23.

Bangladesh-RMG-knitwear-woven-export-earnings-July-September-2022

Among the RMG export items in July-September FY2022-23, the knitwear subsector earned $5.64 billion, registering a 9.40% growth. While woven garments export earned $4.62 billion in the past two months, up by 18.73.

While EPB data also showed that Bangladesh’s readymade garment (RMG) export earning achieved about 8% year-on-year growth to $3.16 billion in September of FY 2022-23.

Bangladesh-RMG-export-earnings-September-2022

RMG export earnings has been slid into the adverse ground after witnessing 13 months of continued robust growth – mainly due to a drop in sales in the main export destinations. From September 2021 to August 2022, garment exports sustained a 30% year-on-year substantial growth – except the growth slowed to 23.53% and 16.61% in May and July respectively. In that 13 months timeframe – Bangladesh’s RMG export had surpassed the four-billion mark every single month – except May and July.

Mohiuddin Rubel, Director, BGMEA said, “BGMEA already shared early indication of growth slowdown from September onwards which is apparently reflected in export data for September. The global retail market is disrupted by many challenges starting from post COVID container freight and supply chain crisis, raw materials price hike, and then anticipated recession in the global economy which is halting retail sales and demand for clothing.”

“Buyers are following cautious steps to make their inventory and supply chain optimum, so some of them are even holding back production and orders.”

“Altogether it has been quite a fluid and vulnerable situation, where we have all the strengths and possibilities to grow given our sustainability and competitiveness strides, yet the global economic outlook makes it difficult to foresee something bright for the final quarter of the year 2022,” Mohiuddin Rubel added.

Other leading subsectors of textile

Among other leading subsectors of textile, home textile export earnings rose to $353.48 million in the July-September FY2022-23 period. Registering a 26.59% year-on-year growth.

While specialized textiles export earnings rose to $59.37 million – witnessing a 55.7% year-on-year growth over the period.

Bangladesh-Textile-subsector-export-earnings-July-Sept FY22-23

Among other subsectors of specialized textiles, terry towels earned $10.68 million 11.30% year-on-year negative growth.

Special woven fabric export earnings sustained a 17.41% year-on-year growth and earned $8.70 million in the first 3 months of FY2022-23.

Knitted fabrics earned $31.53 million – registering a staggering 95.96% year-on-year growth over the period.

Cotton and cotton product (yarn, waste, fabrics, etc.) export earnings rose to $74.65 million – registering a healthy 74.7% growth in the July-September FY2022-23 period.

Jute and jute goods

Jute and jute goods export earned $245.65 million in the first 3 months of FY2022-23. Witnessing a 15.71% growth.

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