Bangladesh Earns $3.95 Billion from RMG Exports in July

The total RMG export for July in FY 2023–24 was $3.95 billion, up from $3.37 billion in the corresponding month of FY 2022–23, representing a rise of 17.43% year over year.

RMG's woven garment export revenue increased by 11.54% to USD 1.68 billion in July FY 2023–24 from USD 1.51 billion in July FY 2022–23. According to a letter from BGMEA President Faruque Hassan on Sunday, knitwear exports increased by 22.24% year over year and totaled USD 2.27 billion over the aforementioned period.

"The increase is unquestionably great, but the picture for the global economy is rather different. Although inflation has begun to decline in our main export markets and economic indicators have stabilized, imports of clothing by the USA and the EU are still exhibiting a sharp decline. Since it's difficult to predict the market, I believe we should adopt a cautiously hopeful stance for the remainder of 2023, since clothing and general global commerce may see a slight decline from last year, according to the letter.