RMG Exports: Positive Growth Amid Global Recession
23 January 2024, Mumbai
Despite a challenging global landscape, Bangladesh's RMG exports reached US$47.39 billion in 2023, with 3.67% growth.
This commendable feat shows industry's resilience in the face of global import reductions, supply chain disruptions, and geopolitical tensions.
Key Takeaways:
- EU: Growth slowed to 1.49% from 28.49% in 2022. Germany, our largest destination, saw a significant decline. However, France, Italy, Spain, and the Netherlands delivered strong positive growth.
- USA: Our largest market experienced a decline of 8.68% due to a drop in woven garment shipments.
- UK: Third largest market saw encouraging growth of 12.46%.
- Non-traditional markets: Boosted by Japan (26.53% growth), total exports grew by 20.54%, reaching 18.72% of our clothing export share.
Looking Forward:
- The global apparel trade might see a significant decline in 2023!
CREDITS: BGMEA press release
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