Bangladesh's readymade garment (RMG) exports witnessed remarkable growth during the first 11 months of fiscal 2023, surpassing the target and reaching a record-breaking $42.63 billion. The provisional data released by the Export Promotion Bureau (EPB) reveals a substantial increase of 10.67% compared to the previous fiscal year.
The growth in RMG exports can be attributed to the exceptional performance of knitwear and woven apparel sectors. Knitwear exports displayed a faster pace of growth, expanding by 10.92% to $23.278 billion. Similarly, woven apparel exports increased by 10.36% to $19.352 billion during the same period.
On the other hand, there was a decline in home textile exports, which fell by 30.14% to $1,024.98 million, reflecting a shift in consumer demand.
Together, the combined exports of woven and knitted apparel, clothing accessories, and home textiles constituted a significant portion, accounting for 87.29% of Bangladesh's total exports during July-May of the fiscal year 2023, amounting to $50.527 billion.
Despite the global economic slowdown, Bangladesh has achieved remarkable growth in its RMG exports, experiencing a remarkable increase of 35.47% compared to the previous fiscal year. This success highlights Bangladesh's resilience and competitiveness in the global garment market.