Bangladesh achieved a remarkable milestone in 2023 as apparel exports reached an unprecedented level, totaling nearly $47 billion. This surpasses the previous record set in 2022 by approximately 10.27%, as reported by the Export Promotion Bureau (EPB).
The significance of this accomplishment extends to the overall export performance of the country in fiscal 2022-23, reaching another record high of $55.56 billion. Garments played a dominant role, constituting 84.58% of all export receipts, compared to 81.82% in the fiscal year 2021-22, according to EPB data.
An additional highlight was the record-breaking single-month apparel export earnings, reaching $4.67 billion in December 2022.
The detailed breakdown of the 2023 apparel export earnings includes $25.73 billion from knitwear and $21.25 billion from woven garments, reflecting year-on-year growth rates of 10.87% and 9.56%, respectively. When considering related products such as home textiles, specialized fabrics, headgear, and textile waste, the overall year-end export turnover amounted to $49.24 billion, representing 88.35% of the total export earnings for fiscal 2022-23.
Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association, acknowledged the significant achievement, emphasizing the industry’s dynamism and determination during challenging global trade conditions. In fiscal 2022-23, apparel exports demonstrated a noteworthy year-on-year growth of 10.27%, outpacing the overall export growth of 6.67%. Hassan highlighted the importance of sector diversification and commended the sector’s qualitative shift towards higher-end products, showcasing adaptability, innovation, and resilience in meeting global market demands.
