14 August 2023, Mumbai
Bangladesh started it's new fiscal year 2023-24 on July 1, 2023. The export data for the first month of the new fiscal year is now available.
RMG exports grew by 17.43% in July 2023
During July FY 2023-24, Bangladesh's total ready-made garment (RMG) export stood at US$ 3.95 billion, up from US$ 3.37 billion dollars in the same period of FY2022-23. This represents a year-over-year growth of 17.43%.
Woven garment exports grew by 11.54%
RMG export earnings from woven garments grew by 11.54% and reached US$ 1.68 billion from US$ 1.51 billion in July FY 2022-23.
Knitwear exports grew by 22.24%
At the same time, Bangladesh's knitwear export grew by 22.24% year-over-year and reached US$ 2.27 billion during the mentioned period.
The global economic outlook is mixed
The growth in Bangladesh's RMG exports is certainly impressive. However, the global economic outlook is mixed. Inflation has started to ease off in Bangladesh's major export markets, but the economic indicators are still not very strong.
In addition, the import of apparel by the United States and the European Union is showing a major downtrend.
Cautious optimism for the rest of 2023
Given the mixed global economic outlook, it is difficult to forecast the market for RMG exports for the rest of 2023. It is possible that apparel and overall global trade may see some dip compared to last year.
CREDITS: BGMEA Press Release.
