Export of readymade garments in January 2024 reached an all time high in a ‘single month’ export criteria.
The export in February 2024, meanwhile, is also the highest ever compared to any previous month of February in the country's RMG export history.
According to the official export data for the period of July-February FY 2023-24, Bangladesh RMG export experiences a turnaround in global clothing trade in 2024, since 2023 was a year of slowdown for many reasons.
The data for the first two months of 2024 suggest that the RMG export during these two months reached US$ 9.47 billion, 13.15% higher than that in the corresponding period of the preceding year.
In terms of fiscal year, RMG export in July-February 2023-24 reached US$ 32.86 billion with a year-over-year growth of 4.77%. The growth during July-December 2023-24 fiscal was 1.72%, so the deceleration in growth is improving as growth in recent months started accelerating.
BGMEA President Faruk Hasan said "we had all the early indications for a positive recovery in 2024. This is certainly a significant and
inspiring turnaround for us, as the industry is struggling to stay on course facing numerous challenges in both local and international fronts".
Faruk Hasan said Bangladesh’s export earning from the RMG alone reached 85.45% in July-February 2023-24, and for January-February 2024 the share is even higher, i.e. 86.74%. Faruk Hasan added, these remarkable figures are testament to the commendable resilience and adaptability of Bangladeshi entrepreneurs.
" Furthermore, this growth is accompanied to some extent by the recent trend in investments in diverse items, which is crucial to safeguarding our industry against vulnerability and securing a balanced growth, while demonstrating our commitment to the future", the outgoing BGMEA President added .
He said the multi-pronged approach of BGMEA encompassing sustainability, the circular economy, worker safety and health, and the overall green revolution of the industry remains the cornerstone of continued success.
This holistic approach fosters not only economic growth but also environmental and social responsibility, positioning us as responsible leaders in the global garment industry.
"We understand that 2022 and 2023 presented significant challenges. While unit costs remained high in 2022, they normalized in 2023. Additionally, buyers continue to grapple with the pressure of unsold inventory" Faruk said further adding that as the industry navigates the complexities of the global market, retail sales in our major markets are showing positive come back.
The advanced economies are already showing a positive trend in terms of curbing inflation and growth in employment.