Value addition in Bangladesh’s export-oriented readymade garment (RMG) products grew in the second quarter (Q2, October-December) of the current fiscal 2022-23, according to data from the country’s central bank. Net exports from the sector were worth $8,611.93 million in Q2 FY23—a 62.79 per cent rise over Q1 and a 37.43 per cent increase year on year (YoY).

The import value of raw materials –raw cotton, synthetic/viscose fibre, synthetic/mixed yarn, cotton yarn and fabrics and accessories was $4,110.42 million in Q2 FY23, comprising 32.31 per cent of total RMG export earnings, according to a study by the Bangladesh Bank.

The value addition in the RMG industry improved in Q2 FY23 by 11.3 per cent over Q1 and by 10.43 per cent YoY, a newspaper in Bangladesh reported.

The central bank data also showed that the total export earnings from RMG stood at $12,722.35 million in Q2 FY23 (woven $5,712.13 million and knitwear $7,010.22 million), which was 23.83 per cent and 17.35 per cent higher than that of the previous quarter and the same quarter of last year respectively.

During Q1 FY23, the United States, Germany, the United Kingdom, Spain, France, Netherlands, Italy, Canada and Belgium were the top destinations for RMG exports.

Fibre2Fashion News Desk (DS)

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Bangladesh's RMG sector sees rise in value addition during Q2 FY23