Exports of apparel products in the global market increased in October, but did not meet the target.
In the outgoing month, Bangladesh’s garment products export income was USD 3.67 billion.
In the previous year, the export in October was USD 3.56 billion.
Ready Made Garment (RMG) export to the United States has increased by 3.27 percent, according to the Export Promotion Bureau (EPB) latest export data for July- October in FY 2022-23.
The overall RMG export to the US in October stood at USD 3.67 billion year-on-year in October. In the first four months of the current fiscal year 2022-23, the overall RMG export reached USD 13.95 billion with 10.55 percent year-over-year growth.
Export from knitwear and woven increased by 1.46 percent and 5.71 percent respectively in October. The knitwear export reached US$ 7.72 billion, while export from woven items was US$ 6.22 billion with 7.14 percent and 15.08 percent growth respectively compared to the same period of the FY 2021-22.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Director Mohiuddin Rubel told Bangladesh Post that “Though there was a prediction that RMG export may slow down in October, such a positive growth is welcome. As an entrepreneur in the industry I don’t see any positive outlook of orders and growth in coming months as the retail market worldwide is struggling, and buyers are following cautious steps to manage new orders and inventory.”
“As a single month, USD 3.6 billion worth of export is significant. Our industry has the capacity to supply more and we are exploring new growth opportunities including product and market diversification,” added the BGMEA Director Mohiuddin Rubel.
According to BGMEA, Bangladesh may not be able to achieve the apparel export target set for the current fiscal year because of the energy crisis, fall in work orders, and higher inflation in European countries. It is envisaged that if the current trend of apparel shipment continues, the export goal of $46.80 billion may not be achieved. It needs to be mentioned that garment export receipts fell by 7 per cent in September and 20 per cent in October.
