The export of apparel items registered a negative growth of 7.52% to $3.16 billion in September of the fiscal year 2022-23, down from $3.41 billion in the same period of the last fiscal year.
After 13 months of much-needed recovery of the export from the pandemic and promising growth, RMG export registered declined.
However, according to the recent data published by the Export Promotion Bureau (EPB), during the first quarter of FY2022-23 (July-September), RMG export reached $10.27 billion, fetching a year-on-year growth of 13.41%, from $9.05 billion of the same period of the last fiscal year.
Officials from the BGMEA said that they already shared early indications of growth slowdown from September onwards which is apparently reflected in export data for September.
They also said that the global retail market is disrupted by many challenges starting from post covid container freight and supply chain crisis, raw materials price hike, and then anticipated recession in the global economy which is halting retail sales and demand for clothing.