Bangladesh Exports Decline Slightly in FY24-25 to $48 Billion

Bangladesh's merchandise exports experienced a marginal decline in the fiscal year 2024-25, reaching $48 billion. This figure represents a 0.58% decrease compared to the previous fiscal year's exports of $48.28 billion. The dip was primarily attributed to reduced shipments of ready-made garments and processed agricultural products, despite growth in other sectors like leather, jute, home textiles, engineering, and frozen goods. The Export Promotion Bureau (EPB) released these updated statistics, highlighting that exports fell in ten out of twelve months, with notable growth only in July and April. Four months saw exports exceeding $4 billion, while the remaining months averaged over $3 billion. Ready-made garment exports, a key foreign exchange earner, decreased by 1.64% to $38.70 billion in FY24-25, down from $39.35 billion in the prior year. However, June 2025 saw a significant 21.5% increase in garment exports, reaching $2.78 billion. Conversely, leather and leather goods exports rose by 7% to $12.26 billion. Remittances also saw a substantial increase of approximately 17%, totaling $35.56 billion. The combined effect of lower imports and higher remittances contributed to an increase in foreign exchange reserves, reaching $31.53 billion by the end of the fiscal year. Exporters cited challenges such as increased counter-tariffs by the US and intense competition in European markets, exacerbated by the conflict in Iran, as reasons for the decline in garment exports, leading to increased worker layoffs and factory closures.