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

Amidst the global financial crisis, Bangladesh is performing well in three key economic important indicators- exports, remittance, and private credit growth. The latest data of different economic indicators show that despite the global crisis, Bangladesh is turning around in export of garment items. In the first five months of this calendar year, Bangladesh’s garment exports to the European Union have increased by 45 percent. In addition, from January to June of this year, the export of clothing products to the US market has increased by 60.30 percent. Not only Europe-America, but overall exports from Bangladesh increased by 14.72 percent in the first month of the current fiscal year 2022-23, in July, compared to the same period of the previous fiscal year. And in June, the export growth of Bangladesh was 37.19 percent. Also read: Economy has unease, but no crisis: Shamsul Alam Not only exports, remittance, and private credit growth show also a positive development in recent times. In the first month of FY 2022-23, goods worth $3.98 billion have been exported. According to Export Promotion Bureau (EPB) data, the country crossed the $50 billion milestone for the first time in the last FY 2021-22 with exports worth $52 billion. According to the report, readymade garments contributed the most to the growth as usual. Last month, exports in this sector were worth $3.36 billion. As such, 84.49 percent of the total exports is apparel products. And compared to July of the last financial year, the export of this product has increased by 16.61 percent. Also read: Economy needs transitional policy to overcome the crisis: Debapriya Meanwhile, according to data of the European statistical agency Eurostat, the import of clothing products from Bangladesh has increased by 44.95 percent from January to May this year. $9.58 billion worth of clothing items have been imported till this time, the report said. BB data shows, in July private credit growth of Bangladesh reached 13.96 percent to Tk 13.52 lakh crore. Bank officials say that many have taken up new projects. Many others are increasing productivity. Housing, car, and personal loans have also increased this year due to low-interest rates. In addition, the price of the dollar has increased by more than 20 percent in the last four months. Read Hope amidst forex crisis: Bangladesh received $2.03bn remittance in Aug Although in the announced monetary policy till December this year, the growth in private sector credit is targeted 13.6 percent. As a result, the monetary policy target of credit growth has already been exceeded. Despite much inflation, consumers are borrowing more. Because the loan interest rate is still around 9 percent. According to the latest data of BB, Bangladesh's inward remittance flow worths USD $2.03 billion in August. It is showing hope to ease the forex crisis through this upward trend of remittance. In July, the first month of FY 2022-23, expatriate sent $2.09 billion remittance, which was highest in last 14 months. The inward remittance flow was $1.87 billion in July and $1.81 billion in August in FY 2021-22. Md Serajul Islam, executive director and spokesperson of Bangladesh Bank (BB) told UNB that the central bank has simplified various processes to attract more remittances in banking channels. Read BB allows floating exchange rate of US dollar amid pressure The government is also extending remittance incentives as well as providing policy support. Now the dollar rate is getting higher, he said. The sector insiders said that Bangladesh’s inward remittance flow will grow more as manpower export hit a new high in the past fiscal on a post-pandemic rebound of the overseas job market. The data of the Bureau of Manpower Employment and Training (BMET) showed over 9.88 lakh workers had gone abroad in the fiscal year FY22 while this figure was 2.71 lakh in FY 21. This happens to be the highest number of annual overseas jobs in the last seven years. Officials hope the outflow of workers would increase in the current fiscal year as Malaysia is going to restart hiring manpower from the country, following a negotiated deal. Read BB moves to encourage greater flow of remittance to boost forex

A foreign ship named Maersk Nesna left the Mongla Port in Bagerhat for Poland with Bangladeshi readymade garment (RMG) products for the first time after the launching of the Padma Bridge. Maersk Nesna, a Panama-flagged ship, left the port around 11:30am on Thursday with 17 containers of 27 garment factories. This is the first export shipment of readymade garments to any country from the Mongla Port. Earlier, businesses used to export RMG products throughChattogram Port and air cargo. As communication distance from the capital Dhaka to Mongla Port has reduced after the opening of the Padma Bridge, traders now are choosing Mongla Port as an option for export. Also read:  Customs seizes two more large consignments of liquors from Chattogram port According to Mongla Port Authority, the present distance from Mongla Port to Dhaka is 170 kilometres and Chattogram Port to Dhaka is 260 kilometres.  Businesses are showing their interest to use Mongla Port for its short distance from Dhaka and easy and safe cargo handling.  Mongla Port will save time and money for the exporters, claimed the port authority.   In a statement on Thursday, the port authority said RMG products from 27 garment factories including Fakir Apparels, Windy Limited, KC Lingerie Limited, Artistic Design Limited, Knit Concern Limited, Knit Composite Limited, and Sharmin Apparels have been sent to Poland from No.8 jetty of the port. The shipment included various RMG products including baby clothes, Jersey, Cardigan, T-shirt, and Trousers.   Calling it memorable day, Mongla Port Authority Chairman Rear Admiral Mohammad Musa hoped that export of RMG items through Mongla Port will increased in the future. Also read: BGMEA seeks support of IMF to realize strategic vision of RMG industry Bagerhat Chamber of Commerce and Industry President Sheikh Liakat Hossain Liton said economic activities will increase through the Mongla Port thanks to the Padma Bridge.