During the mentioned 9 months period, our total RMG export reached at US$ 35.25 billion, up from US$ 31.42 billion in the corresponding period of FY2021-22, indicating 12.17% year-over-year growth. Export earning from woven garments grew by 12.63% (reached US$ 16.11 billion from US$ 14.30 billion) in July- March FY 2021-22. At the same time, our knitwear export grew by 11.78% and reached US$ 19.13 billion.
Though the overall growth was positive for July- March of FY2022-23, if we look at the single month statistics, i.e. March 2023, RMG export earnings declined by 1.04% to US$3.89 billion from US$ 3.93 billion in March 2022. As the global economy is passing through a depression and inflation has emerged as one of the major challenges for buyers, suppliers, retailers and consumers, this slowdown in export growth reflects the situation. We are observing a clear downtrend in orders in our factories, and we are aware that the major clothing supplying countries are also facing similar situations. The downward trend in growth may continue for few months. In fact the outlook of global economic growth does not appear impressive for 2023, as IMF predicts growth may fall below 30 years record. The recovery from the economic depression may be slower. This will have some impact on trade and retail, particularly fashion. So we need to tweak our business strategies to cope up with the turbulence, particularly we need to put in time and resources to tap new products, new customers and new markets.
Hope you find the information useful. In my next emails I will try to share with you comparative growth performance of major garment exporting countries to some of our major markets, so as to understand comparative global trade situation.
