For the first time, Bangladesh has bagged more than $50 billion in export earnings in a fiscal year. According to Export Promotion Bureau (EPB), in FY2022-23 export earnings reached $52.08 billion, a 34.38% YoY growth. In the previous FY2021-22 export earnings for the country stood at $38.75 billion.
Manufacturers and industry experts are joyous about this historic occasion. The highest earner for the year was the Apparel sector. This sector earned $42.6 billion, a YoY growth of 35.7%. In the previous year earnings were $31.45 billion. Among apparel products, knitwear earned $23.2 billion, a YoY growth of 36.88% and woven garments earned $19.4 billion with a YoY growth of 33.82%.
Next, the highest earner was the home textile, a new sector for Bangladesh export. This sector earned $1.62 billion in FY22, registering a growth of 43.28%. The next highest-earning sector was agricultural products. The agricultural sector earned $1.16 billion with a YoY growth of 13.04%. The leather and leather goods sector earned $1.24 billion with a YoY growth of 32.23%. Another promising sector is engineering products, this sector earned $795.63 million, with a high YoY growth rate of 50.4%. Jute and jute products saw a decline in FY22. This sector earned $1.12 billion, which was 40 million less than the previous year.
Industry experts have credited this growth in export to rising prices, diversifying products and govt initiatives. If the apparel sector can advance further, then it will be possible to earn $100 billion from export by 2030.
For future growth, the Apparel sector should branch out to new markets and include MMF products in its export category. Government should highlight productivity, and skill-driven competitiveness and sign preferential trade agreements.