The Export Promotion Bureau (EPB) data show that, despite an overall drop in export earnings, Bangladesh's apparel sector recorded a 3.27 percent increase in revenue in October compared to the same month of the previous year.
In October of the current fiscal year, total export revenues fell 7.85 percent to $4.35 billion from $4.72 billion in the corresponding month of the fiscal year (FY) 2021–22.
However, earnings from apparel exports increased to $3.67 billion from the $3.65 billion reported in October of FY22.
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According to EPB, Bangladesh's apparel exports during July-October of FY23 rose 10.55 percent year-on-year to $13.95 billion. During the same period last year, readymde garments (RMG) exports brought in $12.62 billion for the country.
"Although readymade garment shipments were expected to drop in October, this encouraging development is welcome," Mohiuddin Rubel, director of the Bangladesh Garment Manufacturers and Exporters Association, said.
"However, as global retail markets are struggling and buyers are taking cautious steps in placing new orders and managing inventory, as an entrepreneur in the apparel sector I am not optimistic about the trend of work orders and the sector's growth in the coming months."
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