During July FY 2023-24, our total RMG export stood at US$ 3.95 billion, up from US$ 3.37 billion dollars in the same period of FY2022-23, indicating 17.43% year over year growth.
If we analyze the data, RMG export earnings from woven garment grew by 11.54% and reached US$ 1.68 billion from US$ 1.51 billion in July FY 2022-23. At the same time, our knitwear export grew by 22.24% year-over-year and reached US$ 2.27 billion during the mentioned period.
The growth is certainly impressive, though the global economic scenario is portraying a contrasting outlook. Though inflation has started to ease off in our major export markets and the economic indicators started stabilizing, yet import of apparel by USA and EU is showing a major downtrend. Therefore, it’s quite challenging to forecast the market and I personally think that we need to follow a cautiously optimistic approach for the rest of 2023, as apparel and overall global trade may see some dip compared to last year.
We are working to foster a more competitive industry, inspire and facilitate diverse capability, for conducive policy supports both locally and internationally. You already know that some of the initiatives have already produced results, while we are pursuing more. We would appreciate if you come forward with thoughts and specific suggestions which we may spread across our members, and also take up with our government to make business easier.
We are yet to compile the country wise export data which I will share with you soon. This will give you further details about which countries are doing better and vice-versa.
