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Products worth $9.37 billion were exported in the first two months (July and August) of the current fiscal year 2023–24, an increase of 9.12% over the same time last year. The expansion in exports of ready-made clothing has been the primary factor driving the upward trend in overall merchandise exports so far this fiscal year.
85 percent of all exports of goods in the first two months of the current fiscal year come from the ready-to-wear industry. $7.99 billion worth of clothing has been exported. The export is up 12.46 percent over the previous year.
Knitted clothing worth $4.58 billion and woven clothing worth $3.41 billion were exported from the ready-made clothing industry. Knitwear exports have increased by 17% throughout this time, while woven textile exports have increased by 12%.
According to BGMEA's analysis of EPB data, ready-made clothing exports reached $3.95 billion in July of last year, representing a 14.43 percent increase. The growth dropped to 7.99 percent in August, when ready-made clothing exports totaled $4.04 billion, accounting for 84.52% of August's $4.78 billion total product exports.
According to preliminary figures issued by the Export Promotion Bureau (EPB) on Monday, woven products contributed $1.72 billion in August, while knitwear generated $2.31 billion.
Vice President of BGMEA Shahidullah Azim told the media, "The quest for fresh orders has intensified more than previously. However, until December of next year, there is little prospect that the situation with garment exports will improve. We anticipate a rise in exports starting January.
Aside from the garment industry, various other industries saw negative growth in August, including home textile, leather and leather products, jute, and jute goods exports.
According to EPB data, domestic textile exports decreased by over 60% in August to $68.31 million, compared to $172.57 million during the same month previous year. Exports of jute and jute-related products decreased by 19.32% to $74.79 million.
To $96.08 million, exports of leather and leather products decreased 22.40% year over year. In the same month of the previous fiscal, the sector's revenue was $123.82 million.
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