State of the Bangladesh Economy in FY2023-24 (First Reading)
Independent Review of
RBD
Bangladesh's Development
Export performance scenario: Erratic signals
Table 5.2: RMG, Non-RMG and overall performance
(in billion USD)
Export Items
RMG
FY21
FY22
July-November
FY23
FY24
12.9
15.9
(Knit and Woven)
Non-RMG
(-1.5%)
3.0
(23.0%)
3.9
18.8
(18.8%)
18.3
(-2.7%)
3.1
3.9
Overall
(12.7%)
15.9
(0.9%)
(29.9%)
19.8
(-20.9%)
21.9
(25.4%)
22.2
(24.3%) (10.9%)
(1.3%)
Note. Figures in parentheses show growth rates for the corresponding period.
Source: Authors' estimation based on Export Promotion Bureau (2023).
☐ Exports are exhibiting quite erratic behaviour. If in FY23, export growth was primarily driven by
the RMG sector (18.8%) growth, in FY24 (July-November), there has been a significant
deceleration in the growth of RMG (-2.7%). This has resulted in a very low growth of overall
export earnings during the first five months of FY24 (1.3%) compared to the corresponding figure
of FY23.
➤ At a time of falling forex reserves, this trend is highly disquieting.
CPD (2023): State of the Bangladesh Economy in FY2023-24 (First Reading)
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