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Bangladesh RMG crosses $40 bn landmarks in 40 years of Journey

We have completed another fiscal year and the official export data for FY2021-22 has been released. According to the latest export statistics, RMG export reached USD 42.61 billion. Thus a new landmark has been as in our history of RMG manufacturing as we exceeded 40 billion dollar mark in 40 years of journey. I congratulate and salute my colleagues, fellow entrepreneurs, buyers, workers, development partners and all the stakeholders of this industry for their continued support which has brought the sector to this position.
Bangladesh RMG crosses $40 bn landmarks in 40 years of Journey; Data Source: EPB

At the same time, I pay our deepest gratitude to the Government of Bangladesh, especially to Honorable Prime Minister Sheikh Hasina for the unparallel support, without which our survival would have been more difficult. 2021-22 fiscal will also remain as a distinct year for us as we exceeded 50 billion dollars export this year while we are celebrating 50 years of our independence. This is really a significant accomplishment for us.

If we analyze the data, it shows that our RMG export was highest ever in June in a single month, which is US$ 4.09 billion. During FY 2021-22, our apparel export grew by 35.47% on year-over-year basis, that compared to last financial year our export has grown by USD 11.16 dollars which is the highest ever annual growth in terms of dollar value.

Out of the total RMG export, knitwear saw 36.88% growth and knitwear export stood USD 23.21 billion. Woven garment export reached USD19.39 billion with 33.82%.

While these are the remarkable achievements, yet there are stories of struggles, challenges and sacrifices behind this. This export growth in FY2021-22 is not absolute growth, the growth is caused by the inflated price of raw materials to some extent. We are into a new challenge as the advanced economies are heading toward recession, while many factories haven’t fully recovered from the crisis of the pandemic yet.

Faruque Hassan, President of BGMEA

Moreover, let me share an inspiring fact. Though the export of garments has increased, our share in the overall export of Bangladesh has decreased to 81.82% in FY2021-22 from 84.21% in FY 2018-19. It means that other sectors such as agro products, home textile, leather and leather products, and engineering products are doing better which is a very positive sign for our economy. Particularly, the export of yarn, fabric, home textile, cap, etc. increased significantly to USD2.55 billion in FY 2021-22 from USD 720.32 million in 2009-10 fiscal year. It reflects the potential of home textile and other specialized textile sectors to explore further. This also indicates the country’s stride toward sector diversification.

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