Bangladesh's Ready-Made Garment (RMG) exports surged by 13.93 per cent Y-o-Y to $4.49 billion in February 2024. As per data released by the Export Promotion Bureau (EPB), in January 2024, Bangladesh’s RMG exports had surged by 12.45 per cent Y-o-Y to $4.97 billion.
On a cumulative basis, RMG exports during the first two months surged by13.15 per cent to $9.47 billion as compared to the corresponding period in the previous year. Meanwhile exports during July-Feb 2023-24 surged by 4.77 per cent Y-o-Y to $32.86 billion from $31.37 billion in the same period of FY23.
Of this, knitwear exports surged by 9 per cent Y-o-Y to $18.59 billion, while exports of woven items declined by 0.26 per cent to $14.26 billion compared to FY23.
Faruque Hassan, President, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), says, the growth in Bangladesh’s RMG exports reflects the industry’s product and market diversification initiatives and its success in value addition. The industry’s emphasis on quality particularly in backward linkage will help enhance the production of high-quality goods over the next five years, he adds.
Despite global trade challenges stemming from inflation and the Russia-Ukraine war, industry insiders remain hopeful about Bangladesh's RMG sector. They believe, the positive growth in non-traditional markets, with apparel exports reaching $8.87 billion in 2023, presents a significant opportunity for further expansion and export value enhancement.
