Exports of Bangladesh’s manufactured garments increased by 7 percent

Exports of Bangladesh’s manufactured garments increased by 7 percent

Bangladesh’s top foreign exchange earner sector exported 404 billion 4860 thousand US dollars to the world market in August, which was 374 billion 5760 thousand US dollars in the same period of 2022.

According to the data, compared to August 2023, exports increased by 29.91 million US dollars or 7.99 percent in August 2023. This picture has emerged in the report published by the Export Promotion Bureau (EPB).

According to EPB data, apparel products worth US$ 799.86 million were exported in the first two months (July and August) of 2023-2024 fiscal year. Which in the same period of 2022-23 financial year was 711 crore 26 lakh 70 thousand dollar equivalent product.

That is, compared to 2022, exports increased by 12.46 percent in July and August in 2023.

Among the two types of clothing products, only in the month of August of the current financial year, 172 crore 91 lakh 30 thousand dollars worth of goods have been exported in the oven clothing sector. Which in the same period of 2022 was 168 crore 42 lakh 30 thousand dollars. That is, product exports have increased by 2.67 percent. On the other hand, 231 million 57 million 30 thousand dollars in the knitwear sector in August. Which in 2022 was 206 million 15 million 30 thousand dollars. That is, exports have increased by 12.33 percent.

Traders consider the increase in export earnings to be a relief for the economy amid the ongoing dollar crisis. They say reserves fluctuate depending on exports and remittances.

Meanwhile, in terms of growth in exports of ready-made garments, Bangladesh has overtaken China and Vietnam in the US market in 2022. Those involved in the industry say the ongoing trade war between Washington and Beijing and capacity building in Bangladesh are the main reasons.

According to data from the Office of Textiles and Apparel (OTEXA) of the US Department of Commerce, last year’s clothing imports of the world’s largest economy increased by 22.48 percent to 99.93 billion dollars, which was 81.58 billion dollars in 2021. The country’s garment imports from Bangladesh increased by 36.38 percent to 9.74 billion dollars in 2022, which was 7.16 billion dollars in 2021 and 5.40 billion dollars in 2018.

As a result, Bangladesh has become the third largest supplier of clothing, holding 9.75 percent of the US market, which was 8 percent and 76 percent in 2021.

Bangladesh Garments Manufacturers and Exporters Association (BGMEA), an organization of garment suppliers, believes that there is a great opportunity to increase Bangladesh’s share in the global garment market. Bangladesh has already become the top denim exporter to the United States.

There is potential to expand our entry into several product categories. Still several US brands have not taken Bangladeshi products or taken them in limited form. Although Bangladesh is looking for ways to diversify the market.

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