In a promising development for the garment industry, Bangladesh's exports showed a marginal improvement in July 2023, reaching a total of $3.95 billion, exceeding the set target with a growth rate of approximately 4.65 percent. Knitwear exports contributed $2.27 billion, while woven garments reached $1.69 billion. However, it's worth noting that both sectors experienced some growth losses, accounting for 11.54 percent and 17.43 percent, respectively, of the total apparel exports.
The total revenue from apparel exports in July 2023 increased by nearly $400 million compared to the previous month, indicating the sector's resilience and potential for growth.
Looking ahead to the next financial year, the publication has set an ambitious target for apparel exports at $52.27 billion, aiming for a growth rate of 11.24 percent. These targets have been established based on careful projections and assessments of the industry's potential.
This positive performance in the garment export sector signals potential for further growth and prosperity in the coming months. Moreover, the export of Ready-Made Garment (RMG) items in the previous year was $11 billion higher than the previous year, with Bangladesh's global market share increasing from 6.37 percent in 2021 to 7.87 percent in 2022, according to BGMEA Director Mohiuddin Rubel.
The export of RMG items in July this year experienced healthy growth of 17.43 percent, fetching $3,953.74 million. Out of that, the single-month export of knitwear stood out with the highest amount of $2,266.48 million, recording a growth of 22.24 percent, while the export of woven garments received $1,687.26 million, showing a growth of 11.54 percent.
Other major exportable items in July included primary commodities with $103.98 million, agriculture products with $72.58 million, manufactured commodities with $4,488.94 million, plastic products with $16.76 million, leather and leather products with $98.74 million, jute and jute-made goods with $65.67 million, and home textiles with $56.83 million.
The overall export performance indicates positive momentum and reinforces the potential of Bangladesh's exports in the global market.
