Desk Report: Export Promotion Bureau (EPB) released export data for July-September FY 2022-23. After 13 months of much needed recovery of the export from pandemic and promising growth, export declined by 7.52% in September 2022 compared to same month or 2021. During the first quarter of FY2022-23 RMG export reached 10.27 billion dollars, which is 13.41% higher than previous year’s corresponding time. Knitwear export declined by 9%, while woven export declined by 5.66%.
BGMEA already shared early indication of growth slowdown from September onwards which is apparently reflected in export data for September.
Mohiuddin Rubel, Director, BGMEA said, the global retail market is disrupted by many challenges starting from post covid container freight and supply chain crisis, raw materials price hike, and then anticipated recession in the global economy which is halting retail sales and demand for clothing.
Buyers are following cautious steps to make their inventory and supply chain optimum, so some of them are even holding back production and orders. Altogether it has been quite a fluid and vulnerable situation, where we have all the strengths and possibilities to grow given our sustainability and competitiveness strides, yet the global economic outlook makes it difficult to foresee something bright for the final quarter of the year 2022,added Mohiuddin Rubel.