The total export earnings in the quarter were 0.77 per cent higher than the quarterly target of $12,162.36 million, according to the Quarterly Review on RMG January-March FY23 by the Bangladesh Bank.
The total earnings from Bangladesh’s readymade garment exports stood at $12,255.75 million between January and March 2023—3.67 per cent lower quarter on quarter, but 6.32 per cent higher year on year.
Woven garments and knitwear contributed 40.10 per cent and 44.95 per cent respectively to total export earnings during the quarter, the Bangladesh Bank said.
Woven garments and knitwear contributed 40.10 per cent and 44.95 per cent respectively to total export earnings during the quarter.
The United States, Germany, the United Kingdom, Spain, France, Italy, the Netherlands, Canada, and Belgium were the top destinations for the country’s RMG exports during the third quarter of FY23.
Bangladesh earned $8,412.46 million by exporting RMG to these nine countries, accounting for 68.64 per cent of total RMG exports.
During the quarter, RMG export earnings from these nine countries relatively decreased by 6.74 per cent compared to that of the previous quarter and fell by 0.11 per cent YoY.
The import value of raw materials (raw cotton, synthetic/viscose fibre, synthetic/mixed yarn, cotton yarn and textile fabrics and accessories for garments) was $3,546.52 million in the quarter, accounting for 28.94 per cent of total RMG export earnings.
The RMG sector’s net export—RMG raw material import value subtracted from RMG export value—was $8,709.23 million, or 71.06 per cent of gross RMG exports.
After moderately improving in the previous quarter, export earnings from the knitwear sector were 7.59 per cent lower in the quarter than the previous quarter, but 8.72 per cent higher YoY. Furthermore, knitwear exports were 2.63 per cent lower than the target for the quarter.
The FY23 third quarter export earning figure from woven was 1.15 per cent higher than that of the previous quarter and 3.74 per cent higher YoY.
Exports of woven garments were 4.87 per cent higher than the quarterly export target.
Fibre2Fashion News Desk (DS)
