Bangladesh’s export sector showed remarkable resilience in November, with overall exports surging 27% month-on-month (MoM) to $4.78 billion, according to data released by the Export Promotion Bureau (EPB). This robust growth was primarily driven by a 28% MoM increase in apparel exports, which reached $4.05 billion in November.
The surge in apparel exports is attributed to heightened demand for clothing in Western markets as the festive season approaches. This increased demand outweighed concerns over global economic uncertainties, demonstrating the strength of Bangladesh’s apparel industry.
Ready-Made Garment (RMG) Exports Lead the Charge
RMG exports, the cornerstone of Bangladesh’s economy, continued to dominate the export landscape, accounting for 84% of total exports in November. The 28% MoM growth in RMG exports is a testament to the industry’s adaptability and ability to cater to international demand.
Knitwear Exports Witness Notable Growth
Knitwear exports also exhibited strong growth, rising 27% MoM to $2.79 billion in November. This increase highlights the diversification of Bangladesh’s apparel sector, with knitwear products gaining prominence in global markets.
Textile Exports Show Steady Growth
Textile exports, though smaller in volume compared to apparel and knitwear, maintained a steady growth trajectory, increasing 24% MoM to $0.69 billion in November. This growth indicates the expanding reach of Bangladesh’s textile industry, which is supplying raw materials for apparel production both domestically and internationally.
Outlook for Bangladesh’s Exports Remains Positive
The EPB maintains a positive outlook for Bangladesh’s export growth in the coming months, forecasting a 10% increase for the fiscal year 2023-24. This optimism is fueled by expectations of continued demand for apparel and other products, as well as increased exports of pharmaceuticals and leather goods.
Industry Reaction: Recognizing Resilience and Seeking Infrastructure Improvements
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has lauded the impressive growth in exports, recognizing the resilience of the RMG sector in the face of global challenges. The BGMEA has also emphasized the need for further infrastructure and logistics improvements to support the sector’s continued growth trajectory.
Bangladesh’s export sector demonstrated remarkable resilience in November, with overall exports and apparel exports witnessing significant growth. This positive trend is expected to continue in the coming months, further solidifying Bangladesh’s position as a global leader in apparel manufacturing and export.
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