A report titled ‘Quarterly Report on RMG’ released by Bangladesh Bank, the central bank of Bangladesh reveals that value addition in the country’s garment export industry grew 11.59 percentage points year on year.
“The value addition in the apparel export industry rose from 54.38 percent in fiscal 2021-22 to 65.97 percent in fiscal 2022-23,” the report informed.
In fiscal 2022-23, Bangladesh exported US $46.99 billion worth of readymade garments to various countries.
Against this export, the country imported various raw materials like cotton, yarn, and fabrics, etc, totaling $15.99 billion.
This meant that net earnings from garment exports were $31.0 billion or 65.97 percent of value addition.
In fiscal 2021-2022, Bangladeshi exports of clothing reached $42.61 billion, while $19.44 billion was spent on importing various raw materials.
This meant net earnings from clothing shipments were $23.17 billion and so value addition in garment exports reached 54.38 percent in fiscal 2021-2022.
Experts attribute the increase in value addition to garment exporters using more domestically produced raw materials as well increase in exports of high-value garments.
Bangladesh’s net earnings from garment exports rise 11.59% points
