The fiscal year 2022-2023 stood as a testament to the unyielding spirit and commitment to sustainability of the Bangladeshi garment industry, according to a BGMEA analysis.
"The industry faced unimaginable challenges - from the global dynamic shifts that reshaped trade landscapes, to the relentless grip of inflation and the slowdown in global economy. Yet, amidst these hardships, we, the BGMEA family, stood tall, not only weathering the storm but emerging stronger and setting ourselves apart through our dedication to sustainability", the analysis says. According to the statistics, RMG export touched a new milestone of about US$ 47 billion registering a growth of 10.27% year-on-year. Out of the total RMG export, knitwear saw 10.87% year-on-year growth, with an export turnover of US$ 25.73 billion.
Woven garment export reached US$ 21.25 billion with 9.56% growth. This fiscal year remains a landmark for us since December -2022 set the record of highest export in a single month, which is US$ 4.67 billion. Such a performance has brought the share of RMG in the overall export of Bangladesh to 84.58% in FY 2022-23, from 81.82% in FY 2021-22.
If we add all textile and related articles to RMG (including home-textile, headgear, specialized textiles including silk and wool, and textile waste), then the year-end export turnover reaches US$ 49.24 billion, accounting 88.35% of our national export earnings. I am sending the data in the attachment for your reference. BGMEA President Faruque Hasan said "This remarkable feat would not have been possible without the unwavering resilience of yours. We are humbled to facilitate and support this journey from BGMEA, and we pay our deepest gratitude to the Government of Bangladesh, for the unparalleled support which has led us to secure this position".
During the fiscal year 2022-23, Bangladesh’s total export reached US$ 55.56 billion with 6.67% year-over-year growth, which was the highest-ever export earnings in the history of Bangladesh. Well, the growth in total export fell short of the growth of RMG export, meaning that while RMG export grew by 10.27% in this fiscal, the non-RMG and non-textile export declined by 8.62%. Faruque said this is certainly not a healthy sign for the economy and we always have been supporting and promoting sector diversification; this contrast in growth in favor of RMG is a testament to your dynamism and determination.
This momentum in export did not come by chance. You dared to break new ground, venturing into untapped markets, and investing in backward linkage industries, securing our supply chains and propelling us towards self-sufficiency."We witnessed a qualitative shift in our product portfolio, moving beyond basic garments to higher-end products like non-cotton, outerwear, active wear and suits. This diversification showcases our evolving capabilities and commitment to meeting the changing demands of the global market", he added. These factors, combined with our resilience, adaptability, and innovative spirit, set us apart from our competitors.
Through these we provide a sense of confidence, resilience to our customers, and our stance on adaptability and flexibility to changes. Bangladesh boasts the highest number of USGBC Certified LEED Green factories in the world, two of which holds the number one and number two positions globally.
We embraced due diligence through and started our journey to champion circular economy principles. To facilitate this transformation BGMEA has set up the Responsible Business Hub and a dedicated Circular Fashion Unit to provide information and advisory services. BGMEA established Center for Innovation, Efficiency, and OSH (CIEOSH) to extend support to the industry with knowledge, skills, and technical know-how to face the future challenges and enhance its competitiveness.
