Export Promotion Bureau
Bangladesh exported goods worth around $ 5.13 billion in January amid disrupted imports of raw materials for foreign exchange crisis, According to the Export Promotion Bureau (EPB). After receiving $1.96 billion inward remittance in January, this is another good news of earning over $5.13 billion from export, which grew by 5.89 percent year-on-year. The International Monetary Fund (IMF) approved a $.70 billion loan for Bangladesh, the latest earning from remittances and export income hinted at a stabilising foreign exchange situation. The EPB released the updated statistics of exporting goods on Thursday. According to the data, in the first seven months (July-January) of the current fiscal year 2022-23, goods worth $32.44 billion were exported, which is 9.81 percent more than the same period of last fiscal year. Analysing the EPB data, it is seen that the exports of readymade garments, leather and leather products, non-leather shoes, plastic products have increased in the first seven months of the current financial year. Read more: In May export income falls to 9-month low at $3.83 bn: EPB However, exports of jute and jute products, agro-processed products, home textiles and frozen food have declined during this period. Since the Russia-Ukraine war, inflation in the country is on the rise. Consumers' purchasing power decreases, resulting in lower purchase orders. In the mid of the year, the gas-electricity crisis became evident in the country. Load shedding causes disruption of production for a large part of the day. It also happened that the production was stopped for 12 hours due to shortage of gas. Despite this crisis, there was a strong growth in the export of products at the beginning of the current financial year. Apart from this, in the first seven months of the current fiscal year, leather and leather products worth $73 million have been exported. This export is 7.37 percent higher than the same period of last year. On the other hand, home textile products worth $690 million have been exported during July-January of the current fiscal year. This export is 16.65 percent less than the same period of last year. Again, the export of agro-processed products worth $550 million is 25.86 percent less than the same period of last year.
Bangladesh's apparel exports reached $22.97 billion, growing 15.56 percent year-on-year, during July-December, the first six months of 2022-23 fiscal, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said Monday citing the Export Promotion Bureau (EPB) data. Knitwear accounted for $12.66 billion and woven garments accounted for $10.33 billion of the shipment, with a 13.42 percent and 18.29 percent growth year-on-year, respectively. "The Apparel industry fared well in December. With a 15.35 percent growth, December 2022 fetched $4.67 billion from readymade garments (RMG) exports, the highest in a single month ever recorded," BGMEA Director Md Mohiuddin Rubel said. Read: BGMEA delegation meets US State Department official to discuss RMG issues "If we consider the data of the calendar year, Bangladesh marked a new milestone in RMG export in 2022 amid geopolitical tension, global economic turmoil, and natural disasters. As per the analysis of the BGMEA, Bangladesh's RMG export reached $45.70 billion in 2022 with 27.64 percent growth compared to 2021." "The export earnings from knitwear was $24.71 billion while the earnings from woven was $20.99 billion, with both registering 26.11 percent and 29.48 percent year-on-year growth, respectively in 2022." Bangladesh exported goods worth $27.22 billion in the first six months of FY23, according to EPB. Read More: Bangladesh earned $27.22b from exports in July-Dec amid new records
Bangladesh exported goods worth $27.22 billion in the first six months till December of the current fiscal year 2022-23 amid a growing crisis of foreign exchange, according to an official report. The country received $10.37 billion from exports only in the last two months (November and December), which is the highest ever export earnings in two months. According to the Export Promotion Bureau (EPB), Bangladesh exported goods worth $5.37 billion in December, which is also the highest single-month export earnings. Read More: Bangladesh's ASM Packall Export to invest $4.8m in Mongla EPZ In November 2022, the export earnings crossed $5 billion for the first time. In December, the export earnings made another record. The export earnings in December 2021 were $4.9 billion. The export grew by 9.33 percent year-on-year in December this year. The readymade garment contributed the highest in the export earnings as usual. Read More: July-November: Bangladesh’s exports to major countries show "encouraging growth" The export earnings from the ready-made garments increased by 15.35% year-on-year in December from $4.04 billion in December 2021 to $4.67 billion in December this year. Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said the apparel sector has seen good growth in December due to a unit price hike. The contribution of the apparel sector soared due to good prices and the increase in the ratio of high-end products in recent times, he said. Read More: Export of jute products a boon for Satkhira women He also said that Bangladesh witnessed a rush of orders after the post-Covid-19 pandemic period due to the increased credibility of the country keeping factories operational during the pandemic. He said now garment makers are exporting jackets at prices above $40 per piece, against previous $30. The export earnings were $3.91 billion and $4.36 billion in September and October this year. The export was registering a 14.70 percent rise to bag $3.98 billion year-on-year in July, thanks to the good performance of the apparel sector. Read More: Bangladesh seeks zero tariff on apparel exports to US at 6th TICFA meeting Bangladesh bagged $4.60 billion through exports in August, registering a 36.18 percent year-on-year growth while it slipped by 6.25 percent (Y-o-Y) to $3.91 billion in September as the flow of orders for garments slowed amid higher inflation and the Russia-Ukraine war.
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. Read more: Falling exports-remittances: Double blow to Bangladesh economy 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." Read more: RMG factories bearing power outages of 4 to 10 hours a day: BGMEA President
Despite the ongoing global crisis and inflation, Bangladesh exported over USD $4.6 billion worth of goods in August with a record 36.18 percent growth. Bangladesh's export worth in August also exceeded the set target. The export target for the second month of the current financial year (2022-23) was $4.3 billion, Export Promotion Bureau (EPB) revealed the data today (September 4, 2022). According to the statistics, the export earnings growth of Bangladesh has reached to 25.31 percent at the end of the first two months of the current financial year. The total export in two months was $8.59 billion, which is 4.52 percent over the target. Also read: All export-oriented industries should get equal facilities: Salman F Rahman According to EPB, in FY2021-22, goods worth $3.38 billion were exported in August. Compared to the last financial year, $1.22 billion more in exports have been made this year. On the other hand, in July, the first month of this fiscal year, the export of goods worth Tk $3.98 billion was 14.72 percent more compared to the same period of the previous year. Readymade garment products, home textiles, and other apparel products have played a significant role in exports as always. Garment exports in July and August were worth $7.11 billion. The growth is 26 percent. Read: Exports to China can grow with extension of duty-free access to 380-plus new products At the same time, the export of leather and leather products was worth $22.32 crore. The growth is about 28 percent. And the export of jute goods was $15.66 crore, where the growth is about 23 percent.
Bangladesh's exports in July grew by nearly 15 percent from a year back and exceeded the target, in a strong start to the new fiscal. Amid the deficit and widening gap in the balance of payments during the last fiscal, the Export Promotion Bureau (EPB), released this information on Tuesday. According to the EPB data, Bangladesh exported goods worth USD $3.98 billion in July of FY23, which was $3.47 billion in the same month of FY22. It shows that the export income grew by around 15 percent. Read:Mongla Port witnesses first RMG export thanks to Padma Bridge The government has set an export target for July of $3.92 billion and at the end of the month, the export overshot by $ 60 million. However, compared to June, exports fell by nearly $1.0 billion in July. Last June, Bangladesh exported goods worth $4.91 billion. According to export data for July, knit and woven garments exports amounted to around $3.37 billion, which is 16.61 per cent higher than the same period of the previous year. Read Bangladesh sets export earnings growth target at 15% this fiscal Garment exports worth $2.89 billion in July last year. However, in the recently concluded fiscal year 2021-22, the export growth in the garment sector was around 35 per cent. The EPB data shows that Bangladesh exported goods and services in FY22 worth $60.08 billion, which grew by 17.80 per cent more than the fiscal target of $51 billion. In the outgoing fiscal year, Bangladesh earned $52.08 billion from exporting goods against the target of $43.5 billion. It shows 19.73 per cent growth. Read Leather sector can hit $12 bn in export earnings by 2030: Speakers From the service sector, Bangladesh earned $8 billion in FY22 against the target $7.5 billion, which saw a growth 6.67 per cent than the fiscal target. Bangladesh made a record in exporting both goods and services in FY22 thanks to increasing consumption across the globe. The government set a 15 percent credit growth target in the current fiscal year and a $67 billion export target for the current fiscal year. Read Export earnings cross $50 billion riding on RMG
The Export Promotion Bureau (EPB) has assured Walton of its support to boost the exports of domestically made electronics and electrical products. "We need to promote the 'brand Bangladesh' and 'Made in Bangladesh' products in the global arena," AHM Ahsan, vice-chairman of EPB, said during a visit to Walton Hi-Tech Industries headquarters in Gazipur Saturday. Read Eid: Walton Digital Campaign Season 15 starts EPB Director-General Mahbubur Rahman said, "Bangladesh's exports in the electronics sector started with Walton. Others are now trying to follow it. We have a lot of potential here." "Walton's market share in Bangladesh is more than 60 percent. The company is also increasing its exports. We are ready to provide all necessary assistance to everyone, including Walton, to increase the exports of electronics and electrical products made in Bangladesh." Also read: 'Electronics exports to overtake apparel'
Bangladesh's export earnings reached an impressive $29.55 billion in the first 7 months of the current fiscal (2021-22), reflecting the strong economic recovery underway in its main destinations in the West, and putting it on course for a record-breaking year. Out of total export income, 81.17 percent or $ 24 billion comes from the garments and textile sector. According to the Export Promotion Bureau (EPB), despite the slowdown in the economic activities at the beginning of the FY 2021-22 due to the surge of Covid-19 infection rate, the entrepreneurs have been able to earn a record volume of foreign currency in the last 7 months by exporting goods. Export earnings have increased in January this year after November-December last year. This growth has been based on the garment industry, the main export sector of the country. Read: Focus on developing renewables to reduce dependence on costly fossil fuel imports: Speakers Among the two sub-sectors of the garment industry- woven and knit have contributed more. A few years ago, foreign exchange earnings were more from the export of woven garments than from knit. However, since the beginning of the Coronavirus pandemic, the knit has risen, leaving behind woven. In the first 7 months of FY 22, knit garment exports amounted to $ 13.27 billion which is 32.89 percent compared with the same period of last year. On the other hand, the export of woven garments was $10.71 billion, which is 27.23 percent growth compared with the previous year. At the same time, home textile exports stood at $830 million, up 30 percent from the same period last year. During July-January, 55.34 percent of the income from garment exports came from knit garments. For the current fiscal, the government has set a target of earning $51 billion export from goods and services, including $35.14 billion from garment exports.
Bangladesh exported readymade garments (RMG) worth US$ 19.9 billion in the first half of the current fiscal, a 28% growth year-on-year. As per the latest figures released by the Export Promotion Bureau (EPB), the US was the largest export market for Bangladesh between July and December 2021. The volume of exports to the US grew 46% growth during this period compared to the same in the last financial year. The figures exhibited a robust external demand for this country's RMG items abroad. READ: BGMEA seeks support of all to protect interests of RMG sector Exports to the European Union (EU) and Canada also witnessed a growth of 23.83% and 23.78%, respectively, according to the EPB figures. "The overall exports of RMG during the first half of 2021-22 reached US$ 19.9 billion, with 28% year-on-year growth," Mohiuddin Rubel, director of BGMEA, said on Saturday. READ: SCB’s Covid-time support has helped RMG overcome challenges: Press Release
Bangladesh has so far failed to cash in on the huge market potential for ready-made garments in both developed and emerging economies, if government figures are to be believed. Last year's Covid-induced lockdown that saw many garment manufacturing units shutting shop further shattered the hopes of the sector. And now the threat of a second outbreak looms large over the industry. According to the Export Promotion Bureau, Bangladesh’s readymade garment exports stood at Tk 21033.01 million till February this fiscal, 3.73 percent lower than the corresponding period in the previous financial year. Last fiscal's export figure was Tk 21,847.53 million. However, experts attribute this setback to the sector overall not being competitive enough, and say that if issues like the lack of technological advancement and skilled manpower can be addressed, the readymade garment industry in Bangladesh may witness a rapid revival. Expanding the product portfolio as per consumer preference is also needed for the sector's turnaround, they say. All these issues if addressed can increase Bangladesh's market share in readymade garment exports up to 10 percent from the existing 6.8 percent by 2025. Bangladesh’s five basic items are shirts, trousers, jackets, T-shirts and sweaters -- together they make up more than 70 percent of the total readymade garment exports. But these products go to only five countries -- Germany, the US, the UK, France and Spain. So, market extension is very significant for Bangladesh, say experts, suggesting that like China, Bangladesh also has to go in non-cotton production to increase its market share as there is a huge potential for these items across the world. Also read: Coronavirus: RMG sector to get loan on 2pc interest According to the World Trade Statistical Review (WTSR)- 2020, Bangladesh’s global market share in apparel exports stood at 6.8 percent in 2019, which was 6.4 percent in 2018. “The total market size of the global apparel industry was $411 billion in 2019. Vietnam was the closest competitor of Bangladesh at 6.20 percent share. Besides, India’s market share was 3.5 percent in 2019 while Turkey’s stood at 3.2 percent." WTSR-2019 data also showed that of the global apparel export market of $421 billion, Bangladesh grasped $32 billion in 2018, which was $29 in 2017. In 2019, China was the top global garment exporter with a 30.8 percent share, followed by the EU and Bangladesh. Research Director of the Centre for Policy Dialogue (CPD) Khondaker Golam Moazzem told UNB that Bangladesh should produce more diversified products to increase its apparel industry market share across the globe. “Actually, we export only several basic cotton items. But there is a huge market for non-cotton products across the world. So, Bangladesh has to go in non-cotton products to increase its global market share,” he said. The economist also called upon the government to provide more "technological" funds to help entrepreneurs improve production of garments to suit the needs of the world. “We should bring in foreign investors (those who are capable of producing non-cotton products) in our economic zones. The market share won’t increase without value added products. So our capacity needs to be increased alongside infrastructure development." Underscoring the need for new market extension, the Managing Director of the Giant Group Faruque Hassan said, “If we are elected to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), we will address the issues plaguing the industry." Also read: Coronavirus: Experts call for paying attention to apparel sector "If properly addressed, Bangladesh can increase its market share in readymade garment exports to 10 percent in four years," said the panel leader of Sammilita Parishad. According to Faruque, Bangladesh's export earnings from the clothing sector decreased to $27 billion in the 2019-20 financial year from $34 billion in the previous fiscal. "We will prioritise diversification and innovation production by adopting the latest technology." “If our panel gets a chance, we will also work closely with the Bangladesh government and the European Union to retain duty-free market access in the region upto 2031. It’s possible through apparel diplomacy,” he added. The panel leader also said that they would form a special task force for an effective negotiation with the global trade partners and buyers to help the sector overcome the existing challenges. “The dominance of cotton products in the fashion industry declined sharply in the last three decades. Besides, nearly 70 percent of the market is captured by man-made fibre. We have only 25 percent of products made of cotton. So, there is a huge opportunity," he said. "However, we will appoint lobbyists in the US to get duty-free market access for Bangladeshi apparel products if elected. We will also reform customs policy and automate import and export data activities." Meanwhile, the incumbent BGMEA President Dr Rubana Hug said she would also help strengthen the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). “If our panel is elected again, we will finish our unfinished work. We have been able to change many things in the sector in the last two years. We will now use our experience to overcome the challenges of the sector," she added. As Shadhinata Parishad joined with Sammilita Parishad, two panels are contesting this year's BGMEA election. Chairman of Hannan Group ABM Shamsuddin is leading the Forum panel.