According to export statistics released in February by the Bangladesh Export Promotion Agency, exports in FY2023 (July 2022-June 2023) totaled $32,447.5 million from July 2022 to January 2023, a 9.8% increase over the same period last year. Clothing accounted for 85% of this total, with its exports valued at $27,418.02 million, up 14.3%. Knitwear grew 12.7% to $14,960.38 million, and woven fabrics grew 16.3% to $12,457.64 million. On the other hand, looking at other commodity categories, there were many items that decreased year-on-year, such as "agricultural products (HS codes 4-24)" (-25.9%), "frozen and fresh marine products (HS codes 1-3)" (-22.8%), and "jute and its products (HS codes 53 and part of 63)" (-21.2%). (-22.8%) and "Jute and jute products (HS code 53, and part of HS code 63)" (-21.2%).
On a monthly basis, exports totaled $5,136.24 million in January 2023 (+5.9% y/y). after declining y/y in September and October 2022, exports in FY2023 reached $5,092.56 million in November (+26% y/y), again led by apparel (+35.4% y/y). December also saw a y/y increase, but the growth rate of apparel is on a downward trend through January.
Terunori Ino, head of production at T.J. Sweaters, a major local sewing company that produces and exports many products to Japan and South Korea in addition to its mainstay European market, commented on the current export situation and future outlook: "The EU's decision to exclude China from the Generalized System of Preferences (GSP) is a trigger for us. This was triggered by the EU's decision to exclude China from the Generalized System of Preferences (GSP), and in some months in 2022, we recorded shipments to Europe that exceeded 70% of the same month last year. Although there has been a lull in momentum this year, Bangladesh is still seen as the largest recipient of production for the EU, and the Company expects a 10% increase in orders in 2023 compared to a normal year (before 2021). While Bangladesh is also expected to expand exports to Japan, it is not easy to respond to both European and Japanese markets due to the vastly different production conditions, but the greatest strength of the Japanese market is the seamless settlement of payments at the time of shipment," he said in an interview with JETRO. In an interview with JETRO, Mr. Radezh said, "We will continue to take charge of production for Japan, with the goal of increasing the 20% of our production volume that is destined for Japan to around 50%.