The official export performance data of Bangladesh for July- August of FY2023-24 is published and we have compiled it. Today I am writing to share with you the RMG export data and few analyses for the mentioned two months. Please find the datasheet in the attachment for your kind information.
As per the data, Bangladesh’s apparel export earnings reached US$ 7.99 billion during July- August of FY2023-24, which was US$ 7.11 billion in the corresponding period of previous fiscal year. So, during this time the overall garment export grew by 12.46%.
A category-wise disaggregated analysis shows that the export of knitwear reached US$ 4.58 billion, while the export earnings from woven garments was US$ 3.42 billion. The exports from the knit and woven sectors increased by 7.02% and 6.86% year-over-year, up from US$ 3.92 billion and US$ 3.2 billion respectively.
If we analyze the single month data, country’s RMG export increased by 7.99% to US$ 4.04 billion in August 2023 from US$ 3.74 billion in the same month of 2022. In the context of depressing global trade and economic scenario, this growth is undoubtedly extraordinary. However, since the major economies are following more conservative approach to curb inflation by increasing interest rates, the resulting impact on money supply would lead to decile in disposable income and spending power. So the retail business and sourcing of apparel may face the consequences. However, the positive side for us is that apparently export of higher unit value garment is on the rise from Bangladesh (I am regularly sharing you the trade data compiled from EUROSTAT and OTEXA which shows trend in unit price), helping us retain the growth momentum. Yet, the struggle is not over, we are on an uphill journey with costs going up, so increasing efficiency and investment in optimising use of resources have no alternatives. Technology, skills and efficiency (both worker and management professional level) will be key for us to retain the growth momentum.
