In the fiscal year 2023-24, the readymade garment (RMG) sector in Bangladesh recorded a net export receipt of US $ 8.2 billion for July-September, constituting 70.78 per cent of the gross export earnings totalling US $11.61 billion.
Reports maintained this citing Bangladesh Bank’s quarterly review.
This reflects a significant increase compared to the previous year when net export earnings were 51.49 per cent of the gross export earnings from apparel, amounting to US $ 10.27 billion.
The expansion of the backward linkage industry is credited for the rising net export earnings, with domestic production now meeting a substantial portion of demand, particularly for items like buttons.
Despite challenges such as political unrest, global conflicts, energy price fluctuations, and cotton price variations, the RMG sector contributes 10.35 per cent to Bangladesh’s gross domestic product.
Although apparel exports experienced a 1.04 per cent decline in the July-September period of this fiscal year due to global economic conditions, the increasing net export earnings indicate a positive trajectory for the RMG sector.
