Beating all odds, Bangladesh’s RMG export continued its positive momentum in the first 9 months of the current fiscal year.
The country exported $31.43 billion worth of garments in the July-March period of FY 2022. According to recently released EPB data, the country’s readymade garment (RMG) export witnessed 33.81% growth in the July-March period.
While in March alone, the country’s RMG export earned $3.93 billion, witnessing a mammoth 60.14% growth.
Among the RMG export, the Knitwear segment earned $17.11 billion with 35.29% Y-o-Y growth. While the woven segment fetched $14.30 billion with 32.07% Y-o-Y growth.
Faruque Hassan, President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said, “We are pleased with the export growth in this sector. These are certainly inspiring pictures, yet the industry is confronted with a number of challenges as we all know.”
“Moreover, the ongoing Russia-Ukraine conflict, increased cotton price and the prevailing energy situation are making the situation further complicated. Europe is feared to face yet another economic slowdown, which is still suffering from the damage caused by the pandemic.”
“So, we just have to be more watchful about the situation, while need to focus more on improving efficiency (both process efficiency and workers efficiency), modernize our factories and develop skills,” Faruque Hassan added.
The EPB data also revealed that in the first 9 months of the current fiscal year, the home textile sector earned $1.15 billion with 36.79% Y-o-Y growth.
The specialized textiles sector exported $257.41 million in the July-March period. Witnessing a staggering 150.62% growth. While the terry towel sector exported $35.21 million. Witnessing a 22.73% growth.
Special woven fabric sector earned $24.80 million with 53.75% growth. And knitted fabrics segment earned $184.34 million.
The top two RMG export destinations the European Union (EU) and the US have shown outstanding performance in the first nine months of FY22. In the US market, apparel exports rose by 53% year on year to $6.56 billion. While in the EU market, RMG export fetched $15.76 billion, growing by 31.51%.
Among the other top countries, Bangladesh apparel export to UK and Canada markets earned $3.37 billion and $925 million respectively. Despite the war, Bangladesh’s RMG exports to Russia showed a confident year-on-year growth of 22.68% and earned $503 million.