The official export data for the period of July-February FY2023-24 is published. We have compiled and analyzed the RMG export performance data for the same period and I am writing to share with you the data and a few analyses.
I have shared with you in my earlier emails about the possible turnaround in the global clothing trade in 2024 since 2023 was a year of slowdown for many reasons, and we had all the early indications for a positive recovery in 2024. Now, as we have the data for the first two months of 2024 released, the RMG export during these two months reached US$ 9.47 billion, 13.15% higher than the corresponding period of the preceding year.
In terms of fiscal year, RMG exports in July-February 2023-24 reached US$ 32.86 billion with a year-over-year growth of 4.77%. It may be noted that the growth during the December 2023-24 fiscal was 1.72%, so the deceleration in growth is improving as growth in recent months started accelerating. Further note that RMG export in January 2024 reached an all-time high in a ‘single month’ export criteria, while the export in February 2024 is also the highest ever compared to any February in our RMG export history. This is certainly a significant and inspiring turnaround for us, as the industry struggling to stay on course and facing numerous challenges on both local and international fronts.
Bangladesh’s export earnings from the RMG alone reached 85.45% in July-February 2023-24, for January-February 2024 the share is even higher, i.e. 86.74%. These remarkable figures are a testament to the commendable resilience and adaptability of Bangladeshi entrepreneurs.
Furthermore, this growth is accompanied to some extent by the recent trend in investments in diverse items, which is crucial to safeguard our industry against vulnerability and secure balanced growth, while demonstrating our commitment to the future.
Our multi-pronged approach encompassing sustainability, the circular economy, worker safety and health, and the overall green revolution of the industry remains the cornerstone of our continued success. This holistic approach fosters not only economic growth but also environmental and social responsibility, positioning us as responsible leaders in the global garment industry.
We understand that 2022 and 2023 presented significant challenges. While unit costs remained high in 2022, they normalized in 2023. Additionally, buyers continue to grapple with the pressure of unsold inventory. As we navigate the complexities of the global market, retail sales in our major markets are showing a positive comeback. The advanced economies are already showing a positive trend in terms of curbing inflation and growth in employment.
Looking ahead, 2024 presents a crucial opportunity for us to turn the tide. By further diversifying our industry, incorporating modular production practices, and continuously adapting to the evolving global business landscape, we can not only overcome these challenges but also propel ourselves toward even greater heights.
