Key Insights
Essential data points from our research
In FY2022-23, Bangladesh’s RMG exports reached $46.99 billion
RMG exports accounted for 84.58% of Bangladesh’s total exports in FY2022-23
In FY2022-23, knitwear exports from Bangladesh grew by 10.87% to $25.73 billion
In FY2022-23, woven garment exports hit $21.26 billion, a 10.47% rise over the previous year
Bangladesh is the second-largest RMG exporter worldwide, after China
The EU is the largest destination for Bangladesh's garments, absorbing more than 50% of exports
In FY2022-23, exports to the European Union stood at $23.20 billion
In FY2022-23, garments to the US were worth $9.75 billion
The UK imported $4.50 billion worth of garments from Bangladesh in FY2022-23
Bangladesh exported $2.69 billion worth of garments to Canada in FY2022-23
More than 4 million workers are employed in the RMG sector in Bangladesh
Around 60% of RMG workers in Bangladesh are women
The RMG industry contributes over 11% to Bangladesh’s GDP
Export Performance
- In FY2022-23, Bangladesh’s RMG exports reached $46.99 billion
- RMG exports accounted for 84.58% of Bangladesh’s total exports in FY2022-23
- In FY2022-23, knitwear exports from Bangladesh grew by 10.87% to $25.73 billion
- In FY2022-23, woven garment exports hit $21.26 billion, a 10.47% rise over the previous year
- Bangladesh’s RMG exports to Japan increased by 42.29% to $1.72 billion in FY2022-23
- Bangladesh's garment exports to India rose to $897.03 million in FY2022-23
- In FY2021-22, Bangladesh's RMG exports were $42.61 billion
- From FY2009-10 to FY2022-23, RMG exports grew from $12.5 billion to $46.99 billion
- RMG export growth in FY2022-23 was 10.27% year-on-year
- The U.S. imported 13.7% less ready-made garments from Bangladesh in 2023 compared to 2022
- Total apparel exports to the U.S. market in Jan-Jun 2023 declined by 24.62% year-on-year
- Bangladesh’s apparel export to the EU grew by 11.67% in FY2022-23
- Export Promotion Bureau (EPB) provides sector-wise monthly trade data for RMG
- Total FY2022-23 export earnings of Bangladesh were $55.55 billion
- Bangladesh aims to achieve $100 billion in RMG exports by 2030
- In FY2022-23, accessory exports used in garments totaled about $7 billion
- Bangladesh is the 2nd largest exporter of denim to the EU and US
- RMG exports contribute 71% of Bangladesh’s total manufacturing exports
- Bangladesh's RMG exports faced $3 billion in order cancellations at the onset of the COVID-19 pandemic
- Bangladesh's export of home textiles reached $1.17 billion in FY2022-23
- RMG exports suffered negative growth in several months of 2023 due to global demand slowdown
- Bangladesh exported knitwear to the EU worth $13.48 billion in FY2022-23
- Bangladesh’s share in global apparel exports was 7.90% in 2022
Interpretation
In a tightly stitched narrative of resilience and ambition, Bangladesh’s $46.99 billion garment export surge in FY2022-23—anchoring over 84% of national exports and threading its way through EU gains, Japan’s growing appetite, and U.S. contractions—signals a fast-fashion powerhouse racing toward a $100 billion runway by 2030, despite global headwinds and historic disruptions.
Global Competitiveness
- Bangladesh is the second-largest RMG exporter worldwide, after China
- More than 4 million workers are employed in the RMG sector in Bangladesh
- Around 60% of RMG workers in Bangladesh are women
- The RMG industry contributes over 11% to Bangladesh’s GDP
- Bangladesh has over 4,000 garment factories
- Approximately 2.5 million women work in RMG, making it the largest employer of women in Bangladesh
- In 2022, the per capita income of RMG workers was approximately $111/month
- In 2022, the minimum wage for entry-level RMG workers was BDT 8,000 per month
- Around 90% of zippers used in RMG in Bangladesh are imported, mainly from China
- Average lead time for garment shipment from Bangladesh is 90 days, compared to Vietnam’s 60 days
- The sector faced over 400 factory closures during the early COVID-19 period, impacting over 1 million workers
- Bangladeshi RMG factories can produce over 8 billion pieces of apparel annually
- About 65% of cotton used in RMG is imported from Africa and the U.S.
- 90% of RMG export orders are placed by fewer than 50 major foreign buyers
- Over 300 RMG factories are now digitalized for production tracking and monitoring
- Bangladesh plans to invest $1 billion to modernize the RMG sector
- Bangladesh has more than 50 textile universities and institutes supporting the RMG sector
- In 2022, Bangladeshi RMG sector received $3.5 billion in FDI
Interpretation
Bangladesh’s ready-made garment industry stitches together a global supply chain with 4 million workers—mostly women—powering an $11 billion GDP engine, yet they earn less each month than the price of a premium hoodie they produce for Western brands.
Market Destinations
- The EU is the largest destination for Bangladesh's garments, absorbing more than 50% of exports
- In FY2022-23, exports to the European Union stood at $23.20 billion
- In FY2022-23, garments to the US were worth $9.75 billion
- The UK imported $4.50 billion worth of garments from Bangladesh in FY2022-23
- Bangladesh exported $2.69 billion worth of garments to Canada in FY2022-23
- In FY2022-23, RMG exports to non-traditional markets totaled $8.75 billion
- Garments exported to Australia from Bangladesh hit $1.17 billion in FY2022-23
- RMG exports to South Korea stood at $526.72 million in FY2022-23
- Germany is the largest EU market for Bangladesh, with exports worth $6.26 billion in FY2022-23
- Bangladesh’s export to France was $2.37 billion in FY2022-23
- Exports to Spain from Bangladesh were worth $2.86 billion in FY2022-23
- Bangladesh earned $2.17 billion from RMG exports to Italy in FY2022-23
- Nearly 80% of Bangladesh's RMG exports go to only a few countries including EU, US and Canada
- 40% of Bangladesh’s denim exports go to the EU market
- Bangladesh aims to export RMG to 100 countries by 2030
Interpretation
While Bangladesh stitches its economic future one garment at a time, the fact that nearly 80% of its threads are woven into just a handful of markets—from the EU’s $23.2 billion appetite to the US and Canada's combined $12.44 billion appetite—highlights both the strength and the fragility of over-dependence, even as the country ambitiously eyes a 100-nation wardrobe by 2030.
Product Segments
- Over $5 billion in textile machinery was imported by Bangladesh in FY2022-23
Interpretation
Bangladesh’s $5 billion splurge on textile machinery in FY2022-23 isn't just a shopping spree—it’s a loud stitch in the fabric of its ambition to upgrade from global garment giant to manufacturing powerhouse.
Sustainability and Compliance
- Over 1,500 factories in Bangladesh are certified by LEED, the highest in the world
- The number of green garment factories in Bangladesh has risen to more than 200 LEED-certified
- In 2023, 13 Bangladesh garment factories ranked among the top 15 globally for green certification
- Over 70 Bangladeshi factories are platinum-rated by the USGBC
- The RMG sector reduced carbon emissions by 40% in some green factories
- Bangladesh's garment industry uses 1.5 billion liters of water daily
- A single pair of jeans takes 2,000 liters of water to manufacture in Bangladesh
- The RMG sector saved $17 million in energy cost through cleaner technologies in 2022 alone
- Bangladesh has the highest number of green apparel factories in the world as of 2023
- Bangladesh’s climate vulnerability could reduce RMG productivity by 7% by 2030
- More than 350 factories are compliant with Accord/Nirapon safety standards
- Over 85% of Bangladesh’s RMG waste is not recycled, leading to environmental concerns
- Only 16% of factories in Bangladesh report full compliance with occupational health and safety standards
- Bangladesh's RMG sector ranked 3rd in Ethical Fashion Report 2022, up from 10th in 2021
- Over $35 million invested in worker welfare programs through buyers’ CSR initiatives in 2022
- Use of solar power in RMG factories can reduce grid dependence by up to 15%
- The cost of sustainable transformation per garment factory is estimated at $500,000
Interpretation
Bangladesh’s garment industry is stitching a greener future with world-leading LEED numbers and carbon cuts, but with 1.5 billion liters of water flowing daily, 85% of waste unrecycled, and just 16% full health compliance, the race to sustainable fashion is both a runway show and a rescue mission.