While textile exporters around the world struggled to retain orders, Bangladesh’s textile and garment sector posted a record export of $27.22 billion in the first six months of this fiscal year ending on December 31, 2022.
The second-largest apparel exporter in the world clocked exports of $10.37 billion in the months of November and December. In fact, for the first time ever the textile and apparel exports from Bangladesh crossed $5 billion in one month and the feat was repeated with even higher exports of $5.37 million in December. The Export Promotion Bureau (EPB), Bangladesh disclosed that this was the highest monthly textiles and garments exports ever made from Bangladesh. Last year in December the exports were $4.9 billion.
The export surge was witnessed at a time when Bangladesh was passing through a foreign exchange crisis. The ready-made garments led the textile sector growth earning $4.04 billion in December out of total exports of 5.37 billion. The growth in RMG exports was 15.35 percent compared with exports in December 2021.
Export analysis revealed that the surge in RMG exports was more due to higher unit prices than exporters were able to get. Jackets that fetched $30 per piece in December 2021 were exported with a price tag of $40. The RGM exporters also entered the high-end apparel market also boosted exports.
The exports in August 2022 were valued at $4.60 billion, $3.91 billion in September, and $4.36 billion in October. In the last quarter, the exports increased each month.
