Export growth drops as RMG demand falls globally

State minister for commerce Ahasanul Islam said Bangladesh witnessed a downtrend in the growth of readymade exports as RMG demand fell in the global markets.

He said this in reply to a query from Awami League lawmaker M Abdul Latif during a question and answer session in parliament on Sunday.

Ahasanul Islam said exports of RMG grew by 10.27 per cent to 46.90 billion dollars in the 2022-23 fiscal and by 2.86 per cent to 43.85 billion dollars in July-May of the 2023-24 fiscal.

The state minister said earnings for exports slowed due to various reasons including the impact of Covid-19, the impact of the Russia-Ukraine war, the global economic slowdown and inflation in the US and Europe, Bangladeshs main destination for exports. However, export growth continues in various other countries including the UK, France, Spain, Canada and Japan.