Bangladesh’s merchandise shipments in July 2023 showed a significant rebound, recording a double-digit growth of 15.26%, reaching US$4.59 billion. 

The Export Promotion Bureau (EPB) released the data on Wednesday, surpassing the earnings from July 2022, which stood at US$3.98 billion.

The earnings in July 2023 exceeded the target set for the fiscal year by 2.50%. 

The total earnings for June 2023 were also impressive, at US$5.03 billion, indicating a 2.25% increase compared to June 2022.

A major driving force behind this growth was the readymade garment (RMG) sector, which contributed significantly to the overall earnings. 

RMG exports fetched US$3.95 billion, experiencing a remarkable growth of 17.43% in July 2023. Surpassing expectations, the sector’s earnings exceeded the target by an impressive 4.65%.

Breaking down the figures, the knitwear subsector of RMG emerged as a top performer, earning US$2.26 billion, with a remarkable growth rate of 22.24%. Meanwhile, the earnings from woven garments amounted to US$1.68 billion, experiencing a commendable increase of 11.54%.

The positive performance of Bangladesh’s merchandise shipments in July 2023 indicates a strong recovery in trade despite challenges posed by global economic fluctuations. 

The country’s thriving RMG sector plays a pivotal role in driving export growth and contributing significantly to the economy.