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May's exports increased once more after falling behind for two consecutive months (March-April). In May, the momentum is back. According to the BGMEA's analysis of the May export figures, the ready-made clothing industry grew by 28.33 percent in May, reaching $4.05 billion.
Along with production disruption brought on by the gas and electricity problems, this growth in May has sent a favorable message to exporters in the middle of other crises.
Exports of woven goods increased by 23.15 percent to $1.74 billion in May, while exports of knit clothing increased by 32.5 percent to $2.31 billion. The objective, however, fell short by 1.89%, coming in at $4.13 billion.
Exports of ready-made clothing reached $42.63 billion in just 11 months (July to May), up from $38.52 billion in the previous fiscal year (2021–2022). As a result, growth over the past 11 months has been 10.67%.
The country's overall exports in May were $4.85 billion, up 22.59 percent from April and 26.61 percent from May of the previous fiscal year, according to the Export Promotion Bureau (EPB).
However, overall export fell 5.29 percent short of the May goal. The goal for this month was $5.12 billion. The revenue from exporting goods in May of previous year was $3.83 billion.
Bangladesh has kept up this expansion by relying on the export of ready-made clothing, which is the country's primary source of export revenue. During the period of July to May, ready-made clothing accounted for 84.37 percent of all export revenue.
Leather products, which are the second-largest export category according to EPB data, have generated $1.12 billion in revenue with a growth rate of 42% in the first 11 months of the current fiscal year.
Home textile exports are the third highest at $1.02 billion. However, this sector's exports have dropped by 30%. Additionally, with a negative growth rate of 19.5%, the fourth-highest export of jute and jute products was worth $0.85 billion.
In the current fiscal year, the government has set an export target of $58 billion. The overall amount of exports during the first 11 months of the current fiscal year, including the apparel industry, was $50.52 billion. Growth throughout this time has been 7.11 percent.
With an increase of 34.38 percent, export revenues surpassed $50 billion for the first time in 2021–22.
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