Bangladesh’s readymade garment (RMG) export for the July-May period of FY 2021-22 earned $38.52 billion, according to recently released Export Promotion Bureau (EPB) data. During the first eleven months of FY 2021-22, RMG export recorded 34.87% Y-o-Y growth compared to the same period of the previous year.
In the first eleven months of FY 2021-22, RMG’s two main segments knitwear and woven sector earned $20.98 billion and $17.53 billion respectively. Registering a 36.61% and 32.85% year-over-year growth respectively.
According to the EPB data, Bangladesh’s RMG export earned $3.15 billion in May, which was the bottommost earning in the last nine months.
Industry leaders describe that due to the Eid holiday apparel exports were a little bit inferior in May, as it was a small month to do business. They also expressed caution that in the coming months it might fall as the order placement is going slow due to the ongoing Russia- Ukraine war. While the inflation rate even in Europe and USA is higher, food price hike is almost 40%. And people might have to cut some expenses that might affect the RMG manufacturing industry.
While Faruque Hassan, President, BGMEA depicted a gloomy future ahead. Faruque Hassan said “The general outlook of the global economy seems depressing and indicating toward recession. Already the order situation reflects early symptoms of possible slowdown, though Bangladesh is in a much better position relatively, we need to be watchful about the developments so that we can plan our resources and capacity accordingly.”
BGMEA director Mohiuddin Rubel said to the media, “If we look at the exports of the single month May, the RMG export was $3.15 billion dollars with 23.53% growth compared to May 2021. The growth in May is less than compared the previous months. Although the overall export growth is showing a continuous positive growth trend which is really inspiring, there are certain challenges we are facing currently due to the ongoing Russia-Ukraine conflict, increased raw material prices and the prevailing energy situation.
In the July-May period of FY 2021-22, Bangladesh exported $216.17 million worth of cotton and cotton product (yarn, waste, fabrics etc.). While man-made filaments and staple fiber witnessed 84.45% growth and earned $198.8 million.
Among other exports, home textile exports earned $1.467 billion, growing by 41.3% year-over-year. Terry towel $42.01 million (26.19% growth), special woven fabric $29.97 million (55.69% growth), knitted fabrics $206.41 million and specialized textiles earned $294.16 million in July- April period of FY 2021-22.
