Export earnings from the country’s readymade garment (RMG) sector in 2023 reached $47.39 billion, which was $1.68 billion (3.67%) more than that in 2022, according to the Export Promotion Bureau (EPB).
Of that amount, earnings from knitwear and woven garment exports were $46.99 billion, and that from home textile was $1.09 billion.
Mohiuddin Rubel, director of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said the rise in RMG exports happened solely due to the growth in knitwear exports, which increased by 7.47% in 2023.

Woven garment exports declined by 0.81% last year, he said.

He also told the Daily Sun that the month-wise data on the RMG sector’s export performance for 2023 shows that the year started well with modest growth in January and February.
“After having consecutive dips in March and April, the positive trend in growth was restored and maintained during the May-September period. Then the export performance in the final quarter of the year went below the level of 2022 again,” said Rubel.

“The RMG export turnover in 2023 was a record for a single year, and considering the global economic and geo-political crises, I would say that Bangladesh did fairly well. However, exports to some of our major markets declined as most of the advanced economies were struggling due to high inflation,” said the BGMEA director.

Mohiuddin, who is also the additional managing director of Denim Expert Ltd, said export earnings from the RMG sector in December last year amounted to $4.56 billion, which was a huge figure, but still it was 2.35% less compared to the corresponding month of the previous year because the RMG exports were unusually high in the last two months of 2022.
“The growth curve of global clothing trade has been faltering for the last few years, but we believe it will make a turnaround in 2024 as there are some indications that consumption and spending may rebound soon,” said Mohiuddin.

Highlighting the RMG sector’s progress last year, he said despite all the challenges, it continued making efforts to develop sustainability. “A new minimum wage was declared which came into effect on 1 December 2023. The transformation to green factories continues with more robust performances and the country is making visible progress in reducing emission.”
“The diversification in exports in terms of markets, products and fibre makes us confident about the future. We hope that more strategic investments will continue flowing this year, and a qualitative shift toward a more innovative and technology-based industry will be visible.

“Currently, our economy is facing certain challenges. I believe 2024 will bring a breath of fresh air as we expect a positive shift in our economy. We do have new opportunities, which the industry is pursuing and exploring further.

We have new challenges as well, so we need continued support and collaboration from all stakeholders including the government, development partners and others,” Mohiuddin added.
The country’s overall export earnings dropped by 1.06% in December 2023 compared to the corresponding period of 2022.  The overall export earnings in December 2023 amounted to $5.3 billion, which was 5.57% less than the target. The country’s export earnings in December 2022 were $5.36 billion.