DHAKA, July 4: Bangladesh’s export earnings reached an all-time high of more than 55 billion U.S. dollars in the just concluded 2022-23 fiscal year on the back of a record shipment by the readymade garments sector.
Bangladesh saw exports soar 6.67 percent to 55,558.77 million dollars in the 2022-23 fiscal year from July 2022 to June 2023, official data showed on Sunday.
According to data released by the Export Promotion Bureau (EPB) under the Ministry of Commerce, Bangladesh achieved the highest export earnings in the 2022-23 fiscal year with the final months recording robust income growth.
Bangladesh exported goods worth a record 5.03 billion in June, signaling that the rapid economic recovery in key Western markets is increasing demand for Bangladeshi RMG (readymade garments) items.
Bangladesh’s earnings from garment export, which make up more than three-fourths of the country’s annual incomes since the beginning of this decade, surged to 46.99 billion dollars in the 2022-23 fiscal year, according to the EPB.
Knitwear garment export grew 10.87 percent year-on-year to 25.74 billion dollars while woven garment export rose 9.56 percent to 21.25 billion dollars.
During the cited period, many other traditional export items, like frozen foods, home textiles, leather and leather products, and footwear witnessed negative growth as compared to the same period of the previous fiscal year, showed the EPB data.
The country’s overall export earnings, however, fell short of the target of 58 billion dollars for the July-June period by 4.21 percent.
Bangladesh’s export income in the last 2021-22 fiscal year was recorded at 52.08 billion dollars.