Home Business Insider Bangladesh’s Garment Exports Hit Record $47.38B in 2023

Bangladesh’s Garment Exports Hit Record $47.38B in 2023

The Export Promotion Bureau (EPB) of Bangladesh has announced a historic achievement for the country’s apparel industry, with garment exports reaching an unprecedented $47.38 billion in 2023. This remarkable figure marks a notable 10.27% increase over the previous record set in 2022, contributing significantly to the overall export earnings for the fiscal year 2022-23, which soared to a record-high of $55.56 billion.

Key Highlights:

All-Time High: Bangladesh’s apparel exports hit a milestone, setting a new record of $47.38 billion, surpassing the 2022 record by 10.27%.

Dominant Contribution: Garments accounted for an impressive 84.58% of all export receipts in fiscal 2022-23, showcasing the sector’s vital role in the country’s economic landscape.

Monthly Record: December 2022 witnessed the highest single-month apparel export earnings, reaching $4.67 billion.

Product Breakdown: Knitwear contributed $25.73 billion, and woven garments contributed $21.25 billion, with year-on-year growth rates of 10.87% and 9.56%, respectively.

Comprehensive Export Turnover: When considering related products such as home textiles, specialized fabrics, headgear, and textile waste, the year-end export turnover stands at an impressive $49.24 billion, constituting 88.35% of the overall export earnings.

Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association, expressed his satisfaction, stating, “This is undoubtedly a significant accomplishment as we are passing through a turbulent time when global trade is shrinking.”

In addition, Hassan highlighted the sector’s resilience and adaptability, pointing out a qualitative shift in the product portfolio. The industry has expanded beyond basic garments to include higher-end products such as non-cotton, outerwear, activewear, and suits, showcasing a commitment to meeting the evolving demands of the global market.

He added, “This contrast in growth in favor of garments is a testament to your dynamism and determination.”

Despite global economic challenges, Bangladesh’s apparel industry demonstrated robust growth, outpacing the overall export growth rate. The sector’s commitment to diversification, innovation, and meeting global demands underscores its resilience in the face of adversity.

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