Bangladesh’s clothing exports increased by 10.55% from July to October 2022
Bangladesh’s ready-made garments (RMG) exports grew 10.55 per cent to $13.952 billion in the first four months of fiscal year 2022-23 (July-June), compared to July-October 2021, according to provisional data from the Export Bureau. The export volume was US$12.621 billion. Promotion Bureau. Exports were 0.74% below the July-October 2022 target of $14.056 billion.
The export growth of knitwear (Chapter 61) was lower compared to the export of woven ready-made garments. From July to October 2022, knitwear exports increased by 7.14% to US$7.725 billion, while exports in the same period of the previous fiscal year were US$7.210 billion. The data showed that during the period under review, exports of woven garments (Chapter 62) increased by 15.08% to US$6.227 billion, compared with US$5.411 billion in the July-October 2021 period.
During the period under review, exports of home textiles (Chapter 63, excluding 630510) increased by 5.18% to USD 434.16 million, compared with USD 412.78 million in the July-October 2021 period.
Between July and October 2022, exports of woven and knitted garments, clothing accessories and home textiles together accounted for 85.36% of Bangladesh’s total exports of US$16.853 billion.
Bangladesh’s RMG exports increased by 35.47% to $42.613 billion in fiscal year 2021-22, compared with $31.456 billion in exports in fiscal year 2020-21. Bangladesh has hit a record high in terms of export value of ready-made garment materials in 2021-22. During this period, total exports also exceeded the target of US$43.50 billion, an increase of 19.73%. However, textile export growth has slowed in recent months due to global economic challenges
Bangladeshi knitters eye export growth
Dhaka – Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in collaboration with Bangladesh Apparel Exchange (BAE) launched the first-ever Made in Bangladesh Week, a global event that will help promote equitable growth in the apparel industry.
Made in Bangladesh Week, which will take place from November 12 to 18, 2022, will provide a global platform for garment workers and manufacturers to tell stories of transformation and progress in workplace safety, worker well-being, environmental sustainability and innovation, to inspire positive change.
BGMEA aims to increase its share of the global apparel market from the current 8% to 10% by 2025, with an export target of US$100 billion by 2030, and the event will provide an opportunity for industry stakeholders to articulate their vision for the future This decade, Bangladesh will continue to pursue new areas of expansion and manufacturing excellence.
Bangladesh’s apparel industry has made significant progress since the Rana Plaza tragedy almost 10 years ago, but BGMEA and BAE believe transparency and collaboration are critical to promoting positive long-term, systemic change.
Made in Bangladesh Week will open the industry’s doors to the world and showcase how the country is building sustainable, resilient, modern, fair and equitable supply chains by sharing best practices.
The event will also encourage open and honest conversations about some of the barriers to progress, pointing to possible solutions that would allow fashion brands and manufacturers alike to operate in a truly responsible and sustainable way.
Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said: “Bangladesh garment industry has made significant progress in the past decade. In addition to improvements in health and safety, there has also been steady progress in sustainability. .Through Made in Bangladesh Week, we invite the world to witness progress and participate in discussions that will continue to drive progress across the industry.”
Made in Bangladesh Week will also highlight the strengths and capabilities of Bangladesh’s apparel industry to position the country as a preferred and competitive option for global buyers.
Bangladesh is currently the world’s second-largest apparel exporter, accounting for 8% of the global market and represents huge growth opportunities. The industry currently employs more than 4 million people in Bangladesh, accounts for about 84% of the country’s total exports and accounts for more than 11% of the gross domestic product (GDP). In its pursuit of sustainable growth in the apparel industry, Bangladesh aims to have a wider impact on the economy, environment and people’s livelihoods.
Made in Bangladesh Week will also mark the global launch of BGMEA Innovation Centre. The center will promote sustainable and technological innovation in the national apparel industry to respond to increasing competition, add value, meet the changing needs of global customers, and create a more resilient and sustainable industry for the workers of the future. Protect.
Made in Bangladesh Week is set to be the largest-ever gathering of Bangladesh’s apparel industry and its global partners. It will be opened by Prime Minister Sheikh Hasina and will feature a range of speakers including global brands and retailers, policymakers, trade bodies, journalists, academics and trade bodies.
The week will include 17 physical events, including summits, exhibitions, seminars, conferences, awards, factory tours, fashion shows, cultural performances and networking opportunities.
Mostafiz Uddin, Founder and CEO, Bangladesh Apparel Exchange (BAE) said: “The overarching theme of this event is ‘Care for Fashion’. We look forward to hosting stakeholders from the global apparel industry in Bangladesh to discuss…��The future of fashion and driving positive progress that benefits the millions of people whose lives and livelihoods depend on this industry. ”
This week is powered by Epic Group in partnership with PDS Limited. Standard Chartered Bank Bangladesh is the platinum sponsor of the event. While Noize Jeans is the gold sponsor of the event, A&E, ILO Better Work, WRAP, YKK, DHL, A.P. Moller–Maersk and Green Delta Insurance Company Limited are silver sponsors.
Chinese textile companies will invest US$60.85 million in BEPZA Economic Zone
Chinese company Kaixi Underwear Bangladesh Ltd has signed an agreement with the Bangladesh Export Processing Zone Authority (BEPZA) to invest US$60.85 million to establish a composite garment industry in the BEPZA Economic Zone (EZ). The company plans to produce 30 million items of lingerie and textiles (fabrics), accessories, hangers and foams, solely for its own use in the production and export of lingerie. The factory will create employment opportunities for 11,000 Bangladeshi citizens.
Kaixi Bangladesh Director Xiao Hongxi thanked BEPZA for allocating plots in BEPZA EZ and handling its project quickly. Major General Abul Kalam Mohammad Ziaur Rahman, Executive Chairman of BEPZA, congratulated Kaixi for choosing BEPZA EZ as an investment destination. He assured new investors that all kinds of support will be provided to establish and start operations of BEPZA.
Abul Kalam urged investors to optimize land utilization during factory construction. He also asked that the equipment be kept on site so they can use the roof to produce renewable energy.