DHAKA – Readymade garment (RMG) exports from Bangladesh have hit their target for the full fiscal year in just 10 months. RMG exports were US$35.362bn in the first ten months of fiscal 2021-22 compared to target of US$35.144bn set for current fiscal year, which ends June 30.
Bangladesh’s RMG export market has been booming since autumn 2021. The country’s garment makers are likely benefitting from brands and retailers shifting production out of China, where supply chain issue and draconian lockdowns are hampering productivity. The challenge will be for them to ensure that these extra orders stick once China returns to business as usual.
Bangladesh’s RMG exports increased 35.98 per cent in the first ten months compared to exports of US$26.004bn in the same period of the previous fiscal, according to the data released by the Export Promotion Bureau. For context, the figure for the previous period was hampered by the pandemic.
Knitwear exports increased 37.49 per cent to US$19.242bn in July-April 2021-22, against exports of US$13.995bn during the comparable period of the previous fiscal.
Exports of woven apparel increased by 34.23 per cent to US$16.119bn during the period under review, compared to exports of US$12.008bn during the comparable period of 2020-21.
Woven and knitted apparel and clothing accessories’ exports together accounted for 81.58 per cent of US$43.344bn worth of total exports made by Bangladesh during July-April 2021-22.
In the fiscal ending June 30, 2021, readymade garment exports from Bangladesh increased by 12.55 per cent to US$31.456bn compared to exports of US$27.949bn in the previous fiscal. However, this value was lower than US$34.133bn exports made during July-June 2018-19, which the country has already surpassed this fiscal.