According to the latest released data by EPB, Bangladesh has clocked US $ 38.52 billion revenues from RMG exports, growing by 34.87 per cent on Y-o-Y basis.
It’s worth noting here that Bangladesh had started FY ’21 with US $ 3.24 billion RMG exports but after that, in next 11 months, the country couldn’t attain US $ 3 billion RMG export turnover on monthly basis!
The beginning of FY ’22 was also disappointing as Bangladesh’s RMG exports declined by 11 per cent in July ’21 on Y-o-Y basis, but the country never looked back after that and export earnings from RMG averaged US $ 3.56 billion from August ’21 till May ’22.
The exports to the EU valued US $ 19.30 billion (up 33.06 per cent), while the US market contributed US $ 8.15 billion (up 52.54 per cent) to the total RMG export earnings of Bangladesh in July-May period of FY ’22.
However, the shipment in May ’22 (US $ 3.16 billion) declined over April ’22 (US $ 3.93 billion) by 19.60 per cent and the industry insiders feel a lot of demand fluctuation is on the way in subsequent months that might impact the momentum of the Bangladesh’s RMG exports.
As inflation in the US is the highest of the last four decades and the EU market is still struggling due to aftermath of Russia and Ukraine war, the spending of consumers in these key apparel markets may see a temporary pause between June and August, before it picks up again in early September.
