BGMEA: FY'22-23 Data for July-August

12 September 2022, Mumbai:

During July-August FY2021-22, Bangladesh RMG export grew by 26.10% on a year-over-year basis. Its RMG export reached US$ 7.12 billion during this time which was US$ 5.64 billion during the same period of the fiscal year 2021-22.    

Export of knitwear was US$ 3.91 billion, while export of woven garments reached US$ 3.19 billion, registering 20.15% and 34.23% year-over-year growth respectively.  

The single-month apparel export earnings in August 2022 stood at US$ 3.74 billion, which is 36.04% more compared to August 2021.

Bangladesh RMG export has been maintaining a positive growth trend so far since August last year, thanks to increased demand since normalcy started to reinstate from Covid. Yet this growth is significantly caused by raw materials and transportation cost hikes.

Going forward, the projections are not very optimistic as the advanced economies are heading toward recession, retail sales are faltering and buyers are holding back orders. So it anticipates a slowdown in export from this month (September 2022).

(Credits: Faruque Hassan President, BGMEA)

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