Impacted by Global Factors and Policy Intervention

RMG export from Bangladesh declined by 13.93% in October 2023, from 3.68 billion dollars in October 2022 to 3.17 billion dollars in October 2023. This decline is attributed to a number of factors, including:

Global economic downturn caused by historic high inflation and the Russia-Ukraine war

Labor unrest in Bangladesh in the final week of October

Rising cost of inputs, including fuel, gas, electricity, and transportation

Increase in minimum wages for garment workers

Despite the decline in October, RMG export from Bangladesh for the period of July-October 2023 still showed a 5.59% year-over-year growth. However, overall export earnings for July-October 2023 grew by only 3.52%, falling 9.31% short of the strategic export target for the same period.

Overall, the decline in RMG export in October is a reminder of the challenges that the industry is facing. It is important for the government and the industry to work together to address these challenges and to ensure that the RMG sector remains a competitive driver of economic growth in Bangladesh.