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October 20, 2022

Bangladesh beats Q1 garment export target

Bangladesh beat its ready-made-garment (RMG) export target for the first quarter of the current financial year, recording growth of nearly 14%.

By Michelle Russell

According to statistics from the Export Promotion Bureau of the Government of Bangladesh, RMG exports were up 13.4% in the period from July to September to US$10.27bn from $9.06bn a year earlier.

The figure beat Bangladesh’s export target of $10.02bn for the quarter.

Knitwear exports, meanwhile, were up 9.4% to reach $5.65bn from $5.16bn, beating a target of $5.5bn. Exports of woven garments jumped nearly 19% to reach $4.62bn from $3.9bn a year earlier.

Leather and leather product exports experienced growth of 20.9% in the quarter, earning $328m in exports from $271.3m in the year-ago period.

According to the latest data from the US Office of Textiles and Apparel (OTEXA), Bangladesh recorded the largest increase in apparel imports to the US in August. Shipments were up 21.4% to 269 MM2.

Bangladesh is one of the world’s largest garment exporters, with the ready-made-garment sector accounting for around 84% of the country’s total exports.

In recent years, Bangladesh has increased its focus and investment on product diversification, innovation, technology upgradation and skills development in a bid to enhance its capabilities and competitiveness in the global market.

The country, which is expected to graduate from Least Developed Country (LDC) status in 2024, has seen a decline in poverty levels, stable inflation, moderate public debt, and a greater resilience to external shocks, including the pandemic, which saw many garment factories close during lockdowns.

Click here to read Just Style’s essential sourcing guide, which has everything you need to know about Bangladesh’s apparel sector.

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