Mohammad Nurul Alam
Bangladesh’s RMG export reached the highest in a single month worth $4.49 billion in February 2024, a year-on-year growth of 13.93 % according to data from the Export Promotion Bureau (EPB) and during the same period last year, the country earned $4.63 billion from export earnings.
On the other hand, overall manufacturers exported products worth $5.19 billion in February of the current financial year (FY24). However, the February export figure was 0.98% lower than the month’s target, which was fixed at $5.24 billion.
The export recorded $4.97 billion in January, posting a 12.45% year-on-year rise.
In the first two months of this year, 2024 garment exports showed $9.47 billion, registering a 13.15 % year-on-year growth.
If considered the fiscal year 2023-24, RMG exports has been recorded in the July-February period as $32.86 billion with a year-over-year growth of 4.77 %.
During the first eight months of FY24, the RMG sector bagged $32.86 billion, fetching a lower year-on-year growth of 4.77% from $31.37 billion in the same period of FY23.
Among apparel products, knitwear exports reached $18.59 billion, while exports from woven items was $14.26 billion with 9% positive growth and 0.26% negative growth respectively, compared to FY23.
After a negative trend in the quarter of October-December of 2023, the export growth was reshaped as a positive shift.
BGMEA President Faruque Hassan said in a statement “This is a huge milestone and the reflection of our continued expansion.”
He also informed “This is also a reflection of how we are diversifying our product and market base, and moving up in the ladder of value addition.”
According to industry insiders, the positive growth is expected that 2024 will be a year of comeback in terms of trade and growth.
This is a good return on export when the RMG sector is passing through a turbulent time when global trade is shrinking due to inflation and the Russia-Ukraine war.
Experts opined Bangladesh’s RMG sector should not run after an overcapacity situation rather they should keep more focus on quality investment, especially in backward linkage will be crucial for the next 5 years to produce quality products.
The positive growth of a nontraditional market can be a big opportunity to rise up the export value. Because as per data Export Promotion Bureau (EPB) report Bangladesh’s apparel exports to non-traditional markets jumped to $8.87 billion from $7.36 billion from January to December of 2023, in the corresponding period of the previous year and the trend brings the positive response for the next months as well.
