Bangladesh readymade garment industry started FY’23 on a positive note following apparel exports to all major export destinations increasing by around 16.61 per cent in July of FY ’22-23.
Media reports maintained this citing the recently released data from Bangladesh’s Export Promotion Bureau (EPB).
As per EPB data in July (of fiscal year 2022-23), Bangladesh exported apparels worth US $ 685.77 million to the US (registering 14.38 per cent year-on-year [Y-o-Y] growth) while in Germany, which is the single second largest export destination after US, Bangladesh shipped apparels worth US $ 517 million (registering 2.21 per cent Y-o-Y growth) even if apparel exports to UK stood at US $ 366.42 million (recording 32.21 per cent Y-o-Y growth), export to the other major destinations such as Spain, France, the Netherlands, Italy and Poland also registered positive growth by 30.27 per cent to US $265.09 million, by 13.88 per cent to US $170.47 million, by 27.98 per cent to US $131.74 million, by 4.14 per cent to US $130.64, and by 2.92 per cent to US $123.80 million, respectively, while apparel exports to Canada reached US $ 366.42 million, marking 7.33 per cent Y-o-Y growth.
Meanwhile, speaking to the media, BGMEA Director Mohiuddin Rubel, reportedly, underlined this growth may just be a short-term phenomenon, more so considering the impressions received from the global brands and buyers, even as he, reportedly, added high fuel price and shortage of supply were having a negative impact on the global scenario,which was impacting Bangladesh garment industry as well, which as per his estimates witnessed hike of 62 per cent in yarn price, 500 per cent in freight cost and 60 per cent in chemical cost.
