20 February 2024, Mumbai
Bangladesh Apparel Industry: A glance
Sharing an update on export performance for the period of July 2023–January 2024, focusing on the positive shift in January 2024.
Positive Growth in January 2024:
- After a challenging October-December 2023, RMG exports saw a remarkable turnaround in January, growing by 12.45% compared to January 2023.
- Knitwear exports led the charge with a 17.32% increase, while woven exports also rebounded with a 7.16% jump.
- January 2024 marked a historic moment with the highest-ever monthly export turnover of US$ 4.97 billion, nearly reaching the US$ 5 billion milestone.
Factors Contributing to the Growth:
- This progress reflects our continuous efforts in product and market diversification, along with an upward climb in value addition.
- Global economic recovery: Retail sales in key markets like the US and UK reached record highs during the holiday season, indicating a positive shift.
- Reduced inventory burden: Buyers are expected to place new orders as excess inventory pressures subside.
- Easing economic pressures: High inflation and interest rates are normalizing in major economies, creating a more favorable trading environment.
Outlook for 2024:
Based on these trends, BGMEA anticipates a strong comeback in terms of trade and growth throughout 2024.
GIST
Bangladesh Apparel Industry: Upward Turn in January 2024
1. Growth Surge:
- RMG exports jump 12.45% in Jan 2024 vs Jan 2023.
- Knitwear leads with 17.32% increase, woven exports up 7.16%.
- Highest monthly turnover ever: US$ 4.97 billion.
2. Key Drivers:
- Product & market diversification, increased value addition.
- Global recovery: holiday season boosts retail sales in major markets.
- Reduced inventory, new orders expected.
- Easing economic pressures in major economies.
3. 2024 Outlook:
- BGMEA anticipates strong trade & growth throughout 2024.
CREDITS: BGMEA press release
