RMG industry earnings dropped by 1.04 per cent to $3.89 bn in March

RMG industry earnings in march

Desk Report: EPB data shows that the apparel sector, which is the leading export segment for Bangladesh, failed to retain growth in March, but its earnings rose by 12.17 per cent to $35.25 billion in the first three-quarters of FY23.

During March, RMG industry earnings dropped by 1.04 per cent to $3.89 billion. Among this figure, the knitwear sector contributed $2.08 billion, posting a 1.32 per cent year-on-year growth. Woven sector earnings decreased by 3.61 per cent to 1.81 billion.

Besides, in the first three-quarters of FY23, earnings from knitwear items rose by 11.78 per cent to $19.14 billion, while earnings from woven items rose by 12.63 per cent to $16.11 billion

Shahidullah Azim, vice-president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said that they have been fearing negative growth since November-December.

“There are not enough work orders and the majority of exporters are running their units at 60%-70% capacity,” he added, saying that most of the factories shut their operations at 4 pm every day.