As a result of higher consumer demand, Bangladesh’s garment exports experienced explosive development in the Fiscal Year 2021-22, increasing by 35.47 percent to a total of $42.61 billion.
According to the data provided by the Export Promotion Bureau (EPB), the amount of money made from exporting apparel goods skyrocketed by 35.47 percent, reaching $42.61 billion in FY22. This figure compares to $31.45 billion in the previous fiscal year. Knitwear products brought in $23.21 billion, representing a year-over-year increase of 36.88% when compared to the $19.91 billion they brought in during the previous financial year. The earnings from woven goods came to $19.39 billion, representing an increase of 33.82 percent.
In the meantime, the domestic textile sector reported earnings of $1.62 billion, representing a growth of 42.28 percent, while the specialized textile sector reported earnings of $315 million, representing a growth of 140 percent. The apparel industry was responsible for 81.81 percent of the $52 billion in total national exports, which amounted to $38.75 billion in FY21. As a result of rising costs for raw materials, Bangladesh was able to increase its earnings as global purchasers adjusted the prices of the items they purchased to assist reduce the cost of production.
“Bangladesh has joined the club of countries that export more than $50 billion. Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), stated that his organization is proud of the fact that the ready-made garment (RMG) sector contributed the most to the remarkable accomplishment. “This is an amazing and historic time for Bangladesh,” the speaker said. According to Hassan, who is also the Managing Director of Giant Group, during the most recent fiscal year, not only did our exporters enjoy better pricing, but their export volume also improved, which contributed to the company’s rapid growth.
All of the credit for this belongs to our many partners, including our buyers, our staff, and our retailers. On the other hand, according to the leader of the business community, the expansion was sped up by government incentives and stimulus packages.
According to Hassan, in order to keep the double-digit growth rate, we are placing a strong emphasis on research and innovation, and we have already drafted a road map that will be presented on Tuesday.
