RMG sector accounts for over 84% of export earnings: Minister

Commerce Minister Khandakar Abdul Muktadir speaks in the Jatiya Sangsad. File Photo

The ready-made garment (RMG) sector remains the largest contributor to Bangladesh’s export earnings, accounting for more than 84% of the nation’s total export revenue.

Commerce Minister Khandakar Abdul Muktadir shared the information in parliament on Tuesday in response to a written question from BNP MP Nilufar Chowdhury Moni.

The minister presented the sector’s performance over the past five fiscal years alongside a multi-pronged government strategy aimed at sustaining its global competitiveness and expanding into new international markets.

Official data tabled in the House show a resilient recovery in the RMG sector, rebounding to a robust 8.84% growth in the fiscal year 2024-2025 (FY25), with export earnings reaching $39,346.97 million, up from the adjustments witnessed during the preceding two fiscal years.

Earnings stood at $31,456.73 million in FY21, rose to $42,613.15 million in FY22, before declining to $38,142.10 million in FY23 and $36,151.31 million in FY24.

Recognising that Bangladesh’s upcoming graduation from least developed country (LDC) status could put an estimated $17.5 billion worth of preferential market benefits at risk, the government is moving proactively.

Bangladesh has already signed an Economic Partnership Agreement (EPA) with Japan. Similar trade treaties, including CEPA, EPA, and FTA, are being negotiated with South Korea, the European Union, RCEP, the UAE, Singapore, Indonesia, and China to secure zero-duty or preferential market access.

The government has active financial policies in place to preserve the global competitiveness of local manufacturers.

Addressing future market expansion, the minister told the Jatiya Sangsad that a comprehensive roadmap has been taken to diversify export destinations beyond traditional markets such as the USA and Western Europe.