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Home News RMG Export Growth Rate 5.7% In January

RMG Export Growth Rate 5.7% In January

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RMG Export Growth Rate 5.7% In January
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HomeEventsRMG Export Growth Rate 5.7% In January

RMG Export Growth Rate 5.7% In January

The country’s merchandise exports increased by 5.7 percent year-on-year in January, driven by higher shipments of Bangladesh’s key export item, readymade garments. The country shipped $4.43 billion worth of goods in January, up from $4.19 billion in the same month a year ago, according to Export Promotion Bureau (EPB) data released yesterday.

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Garment exports rose 5.57 percent year-on-year to $3.66 billion during the month. However, exports of other traditional items like leather and leather goods, and jute declined. January’s receipts brought total export earnings nearly 12 percent higher, to $28.96 billion in the first seven months of fiscal year (FY) 2024-25. In the same period of FY24, exports stood at $25.93 billion.

Apart from apparel, some products also performed well during the July-January period. For example, frozen fish shipments increased by 13.19 percent year-on-year to $283.54 million. During the July-January period, agro exports grew by 10.59 percent to $673.84 million, according to EPB data. In the first seven months of FY25, shipments of pharmaceuticals also increased by 11.29 percent to $132.44 million. Plastic goods exports grew by 24.32 percent to $181.79 million. Leather and leather goods exports grew by 34.77 percent to $669.03 million in the July-January period of the current fiscal year. In the July-January period, bicycle exports increased by 63.95 percent to $63.04 million. Non-leather footwear exports grew by 34.21 percent to $318.09 million. Home textile exports grew by 6.22 percent to $493.86 million, and specialised textile shipments increased by 20.19 percent to $229.70 million, according to EPB data. Man-made filament exports edged up by 24.91 percent to $231.18 million, and cotton and cotton product exports grew by 13.74 percent to $369.39 million. Handicraft exports grew by 15.18 percent to $23.82 million in July-January of the current fiscal year, EPB data also show.

Faruque Hassan, former president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said apparel exports continued to grow, defying “a lot of domestic and international challenges.” He said that Donald Trump’s second term in the White House may benefit apparel exports to the American market from Bangladesh. During his election campaigns, the US president vowed to impose punishing import tariffs on some countries, including the garment manufacturing powerhouse China. After assuming office in January this year, he has already levied a 10 percent duty on US imports from China, which pushes up the effective tariff rates to as high as 35 percent.

Hassan said the imposition of a 25 percent duty on Mexican goods will also benefit Bangladesh, as Mexico has become a major garment-producing nation in recent years. This change followed Trump’s decision to impose a 25 percent duty on Chinese goods during his first term. Subsequently, Chinese manufacturers flocked to Mexico to invest and take advantage of duty-free trade benefits under the United States-Mexico-Canada Agreement (USMCA). From July to January, Bangladesh’s RMG exports to the global market saw a 12 percent growth, reaching a total of $23.55 billion. However, when comparing the July-January RMG export figures of FY 2024-2025 with those from the same period in FY 2022-23, the growth over the two-year period was only 1.38 percent, said Mohiuddin Rubel, a former director of BGMEA, in a written comment.

After experiencing consecutive double-digit growth in the past four months (September-December), the growth in January slowed to 5.57 percent, with a single-month export value of $3.66 billion. The knitwear sector posted relatively higher growth of 6.62 percent, while woven garment export growth recorded 4.52 percent. While the growth figures are encouraging, they do not fully reflect the challenges faced by the industry, especially the pressure on prices and costs, said Rubel. He said further analysis is required to identify the specific factors influencing this trend, such as market-specific performance, product and market concentration, and other variables. Global trade is estimated to have shrunk considerably last year, leading to intense price competition. Rubel said that amid the looming trade war, there are some opportunities for the RMG sector. However, several priorities need to be set to support business operations, including a consistent energy supply and stable financial and banking sectors, he added.

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The country’s merchandise exports increased by 5.7 percent year-on-year in January, driven by higher shipments of Bangladesh’s key export item, readymade garments. The country shipped $4.43 billion worth of goods in January, up from $4.19 billion in the same month a year ago, according to Export Promotion Bureau (EPB) data released yesterday.

c31d6a58 e8d0 4ee3 b7f1 84e1683096d1

Garment exports rose 5.57 percent year-on-year to $3.66 billion during the month. However, exports of other traditional items like leather and leather goods, and jute declined. January’s receipts brought total export earnings nearly 12 percent higher, to $28.96 billion in the first seven months of fiscal year (FY) 2024-25. In the same period of FY24, exports stood at $25.93 billion.

Apart from apparel, some products also performed well during the July-January period. For example, frozen fish shipments increased by 13.19 percent year-on-year to $283.54 million. During the July-January period, agro exports grew by 10.59 percent to $673.84 million, according to EPB data. In the first seven months of FY25, shipments of pharmaceuticals also increased by 11.29 percent to $132.44 million. Plastic goods exports grew by 24.32 percent to $181.79 million. Leather and leather goods exports grew by 34.77 percent to $669.03 million in the July-January period of the current fiscal year. In the July-January period, bicycle exports increased by 63.95 percent to $63.04 million. Non-leather footwear exports grew by 34.21 percent to $318.09 million. Home textile exports grew by 6.22 percent to $493.86 million, and specialised textile shipments increased by 20.19 percent to $229.70 million, according to EPB data. Man-made filament exports edged up by 24.91 percent to $231.18 million, and cotton and cotton product exports grew by 13.74 percent to $369.39 million. Handicraft exports grew by 15.18 percent to $23.82 million in July-January of the current fiscal year, EPB data also show.

Faruque Hassan, former president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said apparel exports continued to grow, defying “a lot of domestic and international challenges.” He said that Donald Trump’s second term in the White House may benefit apparel exports to the American market from Bangladesh. During his election campaigns, the US president vowed to impose punishing import tariffs on some countries, including the garment manufacturing powerhouse China. After assuming office in January this year, he has already levied a 10 percent duty on US imports from China, which pushes up the effective tariff rates to as high as 35 percent.

Hassan said the imposition of a 25 percent duty on Mexican goods will also benefit Bangladesh, as Mexico has become a major garment-producing nation in recent years. This change followed Trump’s decision to impose a 25 percent duty on Chinese goods during his first term. Subsequently, Chinese manufacturers flocked to Mexico to invest and take advantage of duty-free trade benefits under the United States-Mexico-Canada Agreement (USMCA). From July to January, Bangladesh’s RMG exports to the global market saw a 12 percent growth, reaching a total of $23.55 billion. However, when comparing the July-January RMG export figures of FY 2024-2025 with those from the same period in FY 2022-23, the growth over the two-year period was only 1.38 percent, said Mohiuddin Rubel, a former director of BGMEA, in a written comment.

After experiencing consecutive double-digit growth in the past four months (September-December), the growth in January slowed to 5.57 percent, with a single-month export value of $3.66 billion. The knitwear sector posted relatively higher growth of 6.62 percent, while woven garment export growth recorded 4.52 percent. While the growth figures are encouraging, they do not fully reflect the challenges faced by the industry, especially the pressure on prices and costs, said Rubel. He said further analysis is required to identify the specific factors influencing this trend, such as market-specific performance, product and market concentration, and other variables. Global trade is estimated to have shrunk considerably last year, leading to intense price competition. Rubel said that amid the looming trade war, there are some opportunities for the RMG sector. However, several priorities need to be set to support business operations, including a consistent energy supply and stable financial and banking sectors, he added.