RMG export grows by 2.86% year-on-year to $43.85b

Published : 05 Jun 2024 08:26 PM | Updated : 05 Jun 2024 08:26 PM

The Export Promotion Bureau (EPB) has released the apparel export statistics for the period of July-May FY-2023-24. During the mentioned period, our RMG export grew by 2.86% year-over-year to US$ 43.85 billion from US$ 42.63 billion during the same period of the fiscal year 2022-23.

The export of knitwear was US$ 24.70 billion, with an increased growth of 6.15%, while woven garments were US$ 19.14 billion, with a declined growth of 1.09%.

The single-month apparel export earnings that indicate export in May 2024 was US$ 3.35 billion, with a declined growth of 17.19%. In the FY 2022-23 single month (May), the export was US$ 4.05 billion with a growth of 28.33.

However, the export is not up to the mark. The world’s two major markets, USA and EU, have reduced apparel imports from the global market, which is the main reason for declining export in a single month, coupled with declining unit price.  The eroding competitiveness of the industry can also be linked to such performance caused by increased cost of manufacturing.