According to the Export Promotion Bureau (EPB), Bangladesh’s exporters reportedly pulled off a spectacular accomplishment by bringing in $4.59 billion in July 2023, a significant rise from $3.9 billion in the same time last year.
This increase in exports is expected to provide a crucial boost to the country’s foreign exchange reserves, which have been under pressure thanks to rising import costs.
In the single month of June FY23, Bangladesh earned $5.03 billion, up 2.51% compared to the same period of the previous year.
“We are making all-out efforts to diversify apparel products and explore new markets to achieve double-digit growth defying global economic slowdown,” reportedly said Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association.
EPB data shows that apparel exports surged by 10.27% year-on-year to $46.99 billion in FY23, where woven apparel contributed $21.25 billion with a 9.56% growth and knitwear $25.74 billion with a 10.87% rise.
The earnings from apparel items were 0.41% higher than the $46.80 billion target set for FY23. This rise in exports is expected to be crucial in bolstering the foreign exchange reserves, which have been under pressure due to the rising import costs that have exceeded total export and remittance revenues.
The apparel sector, which had a stunning 17.43 percent year-over-year growth to reach $3.95 billion in July, was the notable contributor to this outstanding growth.
According to the most recent statistics by the Bangladesh Bank, the increase in export performance occurs against a backdrop of remittance inflow through legal channels experiencing a modest setback, down by 6% in July.
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