Bangladesh’s merchandise-export earnings saw a modest 5.04% growth in the first quarter of the current fiscal year, reaching US$11.37 billion despite significant production disruptions.
These disruptions were caused by student protests, curfews, and labor unrest in major garment manufacturing areas, according to provisional data.
The July-September earnings of fiscal year 2024-25 marked a slight increase from the US$10.82 billion earned in fiscal year 2023-24. September 2024 alone saw export earnings rise by 6.78% year-on-year, reaching US$3.51 billion compared to US$3.29 billion in September 2023.
The readymade garment (RMG) sector, which remains the largest contributor to the country’s exports, showed a 5.34% increase in earnings during the quarter. Export revenue from this sector stood at US$9.28 billion, compared to US$8.81 billion in the previous fiscal year. Within the RMG sector, knitwear earned US$5.22 billion, a 5.72% growth, while woven garments brought in US$4.06 billion, marking a 4.85% increase.
According to central bank data, July 2024 export earnings increased by 2.9% year over year to reach US$3.82 billion, up from US$3.72 billion in July 2023. In this month, knitwear exports grew by 2.05% and woven garments by 3.94%.
However, despite the reported growth, readymade garment exporters doubted the figures. Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), described the data as “unrealistic” and “illogical,” citing the significant negative impact of the student protests, curfews, and labor unrest during the period.
Bangladesh Bank has not officially released export data for August 2024 yet. Given the sector’s challenges, exporters continue to question the reported growth.
