Bangladesh’s Value Addition From Apparel Exports Up 11.5% Points

The Central Bank of Bangladesh informed that value addition from garment exports increased 11.5 percentage points in fiscal 2023 over fiscal 2022.

A report titled ‘Quarterly Report on RMG’ released by Bangladesh Bank said the value addition in the apparel export industry rose from 54.38 percent in fiscal 2022 to 65.97 percent in fiscal 2023.

In fiscal 2023, Bangladesh exported US $46.99 billion worth of apparels to various countries and against this imported raw materials like fabrics, yarn and cotton worth $15.99 billion.

Due to this, net earnings from clothing shipments stood at $31.0 billion or 65.97 percent of value addition.

While in fiscal 2022, the country exported readymade garments totaling to $42.61 billion as against which Bangladesh spent $19.44 billion on importing various textile raw materials.

Due to this, net earnings from apparel exports were $23.17 billion translating into value addition of 54.38 percent in fiscal 2022.

The rise in value addition is attributed to hike in shipments of high value clothing as well increased consumption of locally produced raw materials.