In the first month of the current fiscal year (FY24), Bangladesh’s export earnings experienced a robust growth of 15.26 percent, reaching a total of $4,592.92 million. This positive trend surpassed the export earnings of $3,984.82 million in July of the previous fiscal year. The Export Promotion Bureau (EPB) reported that July’s export earnings also exceeded the strategic export target of $4,481 million by 2.50 percent.
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President, Faruque Hassan, expressed optimism about this encouraging start to the fiscal year. He attributed the higher export growth to increased prices of unit-wise RMG (Ready-Made Garments) items, even with fewer procurement orders. The manufacturers have been diversifying their products and producing high-end items, contributing to the overall expansion of export earnings.
Hassan also highlighted the growth in new export destinations like South Korea, Japan, Australia, and the United Arab Emirates (UAE) for RMG items. He mentioned that according to data from the World Trade Organization (WTO), Bangladesh’s RMG market share in the world had increased significantly, reflecting positively on local manufacturers.
While celebrating the success, the BGMEA president advised the government to simplify VAT and customs services further to maintain the growth trajectory. According to EPB data, RMG exports in July experienced a healthy growth of 17.43 percent, generating $3,953.74 million.
Among the RMG exports, knitwear secured the highest amount with $2,266.48 million and a growth rate of 22.24 percent, while woven garments earned $1,687.26 million with an 11.54 percent growth.
In addition to RMG, other major exportable items in July were primary commodities, agriculture products, manufactured commodities, plastic products, leather and leather products, jute and jute-made goods, and home textiles. This remarkable performance in July sets a positive tone for Bangladesh’s export prospects in the current fiscal year.
