In July of the fiscal year 2023-24, the cumulative exports of Readymade Garments (RMG) reached US $ 3.95 billion, indicating a substantial rise from the US $ 3.37 billion recorded in the corresponding period of the fiscal year 2022-23.
This data signifies a remarkable year-on-year surge of 17.43 per cent.
Notably, the earnings stemming from RMG exports, specifically woven garments, exhibited an 11.54 per cent growth in July of FY 2023-24, totaling US $ 1.68 billion in contrast to the US $ 1.51 billion achieved in July of FY 2022-23.
Simultaneously, the export of knitwear experienced a significant year-on-year expansion of 22.24 per cent, reaching a cumulative value of US $ 2.27 billion during the mentioned timeframe.
These statistics were communicated through a letter issued by the BGMEA President recently, as per media reports.
Faruque Hassan’s letter reportedly acknowledges the impressive growth despite a contradictory global economic outlook even if it notes that while inflation is starting to alleviate in major export markets and economic indicators are stabilizing, there is a notable decline in apparel imports by the USA and the EU.
Given this scenario, the letter emphasises the challenge of forecasting the market’s future trajectory even if it suggests adopting a cautiously optimistic approach for the remainder of 2023, as both the apparel industry and global trade as a whole might experience a decline compared to the previous year.
