Bangladesh's ready-made garment (RMG) export reached US$ 11.61 billion during the July-September period of fiscal year 2023-24, up from US$ 10.27 billion in the same period of FY 2022-23, indicating 13.07% year-over-year growth.

A category-wise disaggregated analysis shows that during the mentioned 3 months the export of knitwear was US$ 6.76 billion with 19.70% year-over-year growth, while woven garments export was recorded US$ 4.85 billion, with 4.97% growth.

In September 2023, the country's RMG export grew by 14.46% year-over-year and reached US$ 3.61 billion, which was US$ 3.16 billion in September 2022. However, export in September was around US$ 400 million less than the export in August this year.

The year-over-year growth in export cannot be judged as a trend since global import by Bangladesh's major markets is declining in the past few months. The economies in Europe and North America are not faring well due to higher inflation and rising interest rates, which is limiting the spending power of consumers.

Despite the global economic challenges, Bangladesh's RMG sector is showing resilience. The growth in export is being driven by a number of factors, including the increase in raw material prices, fuel, gas-electricity, and other production costs, which are causing inflated prices of goods to a certain extent. 

On the other hand, the emerging diversity in product range within the industry and the appreciable progress in higher value addition are also leading to unit price upsurge.

This is a promising sign as Bangladesh heads towards a more sustainable and innovative future. The country should focus more on the future possibilities and diversification when it takes further expansion plans, as inflation and cost hikes are inevitable in the longer term. The country can direct its investment towards the future by focusing on diversification, technology, and innovation.